Asda leading contender to buy Co-op’s petrol stations
Asda is the leading contender to buy the Co-op’s petrol forecourt business according to reports.
An article by Sky News stated that talks are ongoing and that a potential £450 million deal could be agreed as early as this week.
If successful, the move would accelerate Asda’s move into the convenience sector, although it is understood that other parties are interested in buying the assets.
Asda already runs 320 petrol forecourts and has a small convenience offering called Asda on The Move. However, the acquisition of Co-op’s 130 petrol stations would increase this holding considerably.
The supermarket is owned by the Issa brothers and TDR Capital, who also own EG Group, one of Europe biggest independent fuel retailers. However, Sky reported that people close to the auction process said it was Asda that was interested in buying the chain, not EG Group.
The news follows the recent appointment of Shirine Khoury-Haq as the Co-op’s new chief executive.
In the last decade, the Co-op has also sold its travel and pharmacy chains.
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