Canadians raise takeover bid for Caltex Australia to $8.8 billion

Canadian convenience giant Alimentation Couche-Tard has boosted its bid for Caltex Australia, offering $8.8 billion for the fuel retailer in a drawn-out battle for control of the company.

Couche-Tard has upped its bid for Caltex Australia.Credit:Peter Braig

Caltex confirmed on Thursday the Quebec-based business had submitted a fresh indicative bid of $35.25 per share – an increase of 0.75c per share, or $187.3 million, on its previous offer.

The fresh bid comes after Caltex’s board late last year rebuffed an $8.6 billion unsolicited cash offer from the Canadians, saying it “undervalued” the company and was not “compelling” for shareholders.

In the wake of the rejection, Caltex’s board offered to provide Couche-Tard access to select non-public information to allow it to revise its bid.


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