Caltex Australia's top management is under renewed pressure to deliver on its strategy to unlock value within the fuels supplier after Alimentation Couche-Tard ditched an $8.8 billion takeover proposal, dashing any lingering hopes of a rich payout for shareholders.

Shares in Caltex sank 7.8 per cent to $21.72 after the Canadian convenience retailer said that while it remained "highly interested" in buying Australia's biggest fuels supplier, the huge uncertainty around the economic outlook due to COVID-19 meant it wasn't able to proceed, even at a lower price. It planned to revive its attentions down the track.