BP gets €180 million offer for French retail fuels

Oil major BP PLC said it has received an offer from Delek Europe B.V., a fuel retailer in Europe and a subsidiary of the Delek Group, to buy its French retail fuels and convenience business, including selected fuels terminals for about €180 million (US$246.68 million) in cash. On receipt of the offer to buy BP’s 416 petrol stations in France, BP has entered into a period of exclusivity with Delek Europe and has started talks with the relevant works councils. The sale would also include interests or ownership in three fuel distribution depots and it is expected to include a long-term agreement for acceptance of fuel cards. The proposed transaction is currently expected to be completed in the second half of this year. (February 4, 2010)