Expectations are fading of progress before Christmas towards a renewed approach for Caltex by its suitor Alimentation Couche-Tard as the two parties haggle over the terms for access to commercial information by the target.

The Australian petrol and diesel supplier is understood to be looking to limit the additional information it supplies to Couche-Tard just to a presentation to senior management, well short of the full due diligence requested by its bidder.