Caltex this week confirmed it had made a “conditional and confidential” proposal to Woolworths to acquire its fuel business and maintain the companies’ successful fuel alliance.
Caltex is currently the exclusive supplier of petrol and diesel to Woolworths with annual sales volumes of around 3.5 billion litres.
As the sale process is ongoing and any transaction remains uncertain and is expected to take time to complete, Caltex says it will update the market as appropriate if there are any material changes to Caltex’s existing wholesale supply arrangements with Woolworths.
In a media statement, Caltex said it would maintain financial discipline in this process and that it remained focused on “the creation of top-quartile total shareholder returns driven by profitable, capital-efficient growth”.
