Alimentation Couche-Tard Inc. said Tuesday it has become the principal owner of Statoil Fuel & Retail ASA now that it has acquired 81.2 per cent of the company’s shares.
The convenience store retailer said its voluntary offer of 51.20 Norwegian krone expires on June 20.
Couche-Tard said that if it reaches the 90 per cent level by the deadline it will initiate a compulsory acquisition of any shares not tendered.
If it does not, the company said it has acquired enough to make a mandatory offer for all the issued and outstanding shares.
Couche-Tard owns its namesake and Mac’s convenience stores in Canada and Circle K gas bars in the United States.
The company has repeatedly said its offer of 51.20 Norwegian krone for Statoil Fuel & Retail shares is its final offer.
Couche-Tard’s bid for Statoil Fuel, which operates about 2,300 outlets Scandinavia and Eastern Europe, is worth about $2.7-billion.
It originally wanted to buy at least 90 per cent of Statoil Fuel’s stock but dropped that minimum threshold last week.
From the outset, Statoil ASA had agreed to tender its 54 per cent interest in the gas bar and convenience store operator – so Couche-Tard’s focus has been on getting minority shareholders to sell their stock.