7-Eleven to buy ExxonMobil's retail outlets in Australia

Convenience store chain 7-Eleven Australia is close to acquiring most of ExxonMobil’s 302 metropolitan service station network in eastern and southern Australia, The Australian newspaper reported. Spokesmen for both companies were not immediately available to comment on the report. The network was to have been sold to local refiner/marketer Caltex under the terms of a deal agreed with ExxonMobil last May, but the plan failed to clear the Australian Competition and Consumer Commission, which said in December it would oppose the acquisition due to its likely impact on local market competition for the supply of gasoline, diesel fuel and automotive liquefied petroleum gas (LPG). Caltex finally called off the A$300 million (US$243.3 million) acquisition on April 29. According to The Australian, the sale to 7-Eleven would be at a lower price than that agreed with Caltex. (May 19, 2010)