Caltex still committed to Mobil bid

Caltex Chief Executive Officer Julian Segal says he remains committed to pursuing the planned takeover of 300 Mobil service stations, despite the consumer watchdog scuttling the deal. Segal said he would wait for the commission’s competition assessment of the industry before deciding whether to make another play for the Mobil service stations. In rejecting Caltex’s bid, the ACCC said it believed the proposal would reduce retail competition and lead to higher fuel prices. But, he said, Caltex would first focus on increasing earnings in its base business, including adding to its 476 convenience stores. (December 18, 2009)