7-Eleven to Acquire Mobil Sites
While not yet confirmed, overseas media is reporting that 7-Eleven Australia has acquired the Mobil retail network that was originally planned to be sold to Caltex Australia.
According to media reports the Mobil retail network was sold for less than the $302 million dollars originally agreed to be paid by Caltex.
Caltex ill fated bid for the network was rejected by the ACCC on grounds of it creating too much of a concentrated market power in ‘downstream’ Australian markets.
The 7-Eleven Australian franchise operation is owned by the Withers family.
An announcement on 7-Eleven’s acquisition is expected soon
AUSTRALIAN PETROLEUM MARKETER NEWS (APMN)
20TH MAY 2010