Couche-Tard shares surge on European deal |
| Globe and Mail - Apr 18, 2012 |
Shares of convenience store giant Alimentation Couche-Tard Inc. (ATD.B-T39.605.3015.45%) soared by nearly 15 per cent in trading billion – making it one of the six largest companies in Canada – and increase its operating earnings to $1.3-billion from $800-million.
“For us, it’s a big day...a very important day” after five years of exploring Europe for acquisition opportunities, said Couche-Tard president and chief executive Alain Bouchard during a joint conference call with SFR from Oslo.
Couche-Tard is offering 53 Norwegian kroner ($9.13) per share in cash, representing a premium of 53 per cent over the Tuesday closing price of SFR stock. SFR was taken public in 2010 by Norwegian state-owned oil giant Statoil ASA, which still retains a 54 per cent stake in the fuel retailer and has agreed to tender its shares to Couche-Tard. The deal requires 90 per cent approval by SFR shareholders to proceed.
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- Posted: 2012-04-18 15:16:44
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