Britain’s EG Group is in talks to team up with Macquarie Group in its attempt to acquire Caltex Australia, people familiar with the matter said.
EG Group is in discussions with an arm of Macquarie to partner on the potential deal, according to the people, who asked not to be identified because the information is private. If their bid is successful, EG Group would keep Caltex’s main retail business, while Macquarie would take on its refinery unit and some infrastructure assets, the people said.
Caltex shares rose as much as 1.1 per cent on Wednesday in Sydney, giving it a market value of about $8.3 billion. EG Group, which is one of the world’s largest independent gas station and convenience store chains, has been working with financial advisers as it evaluates making an offer for the company, the people said.
Bringing in a partner could help boost EG Group’s chances as it competes with Canadian convenience giant Alimentation Couche-Tard, which offered to take over Caltex for $8.6 billion last year. While Caltex rejected the bid, Couche-Tard was given access to select non-public information to entice it to sweeten its offer.