Caltex Australia's plans for a spin-off of petrol station sites have been thrown into doubt after just 24 hours as it was forced to disclose an $8.6 billion all-cash takeover approach from acquisitive Canadian convenience retailer Alimentation Couche-Tard.
The interest from the giant Toronto-listed company is at $34.50 a share, which has raised its offer 7.8 per cent since it made its first approach on October 11, first revealed in The Australian Financial Review's Street Talk column, forcing Caltex to go public.
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
