BP Agrees to Buy Woolworth’s Fuel Business

BP has agreed to acquire 527 Woolworths-owned fuel convenience sites and 16 committed development sites for AUD1.79 billion ($1.29 billion).

Woolworths said in filing with the Australian Stock Exchange that the companies also struck a strategic partnership under which BP committed to still fund Woolworths’ 4 cents per liter fuel redemption offer for a minimum of 10 years. The two companies will also jointly develop and roll out convenience food in a new “Metro at BP” format.

By Fred Canto