Caltex Australia agrees to purchase 302 Mobil service stations

This agreement is subject to Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB) review and clearance which will take some months to complete.

"The acquisition is a good strategic fit for Caltex. It will enable Caltex to grow its business consistent with its long term strategy of being a marketing-led business," Caltex Managing Director and CEO Des King said this morning.

"Today, Caltex is primarily a wholesaler of fuel but a relatively small player in the retail fuel market when compared with Coles Express, Woolworths and BP. This acquisition will allow us to better compete in the retail fuel market with these major players."

Caltex is purchasing the 302 Mobil service station sites as a going concern, providing it with experienced people to help grow the business.

"Caltex will take on more than 1700 employees. We regard employees as a key asset," said Mr King.

The acquisition will be funded from internal sources.

For more information on Caltex Facts