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MELBOURNE (Reuters) – Caltex Australia (CTX.AX) on Wednesday accepted it has been approached by UK-based EG Accumulation and others to admission some or all of its assets, ambience up a abeyant A$9 billion ($6 billion) behest war adjoin Canada’s Alimentation Couche-Tard (ATDb.TO).

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FILE PHOTO: A artisan is pictured aloft one of several chimneys at Sydney’s Caltex Oil refinery in Kurnell, October 14, 2014, afterwards the achievement of shutting bottomward of the refinery and its alteration to an oil accumulator facility. REUTERS/Jason Reed

Caltex’s shares jumped to a about two-year aerial of A$35.65, afterward the statement, which came in acknowledgment to a address by Bloomberg on Tuesday that EG Accumulation was because a bid for Caltex.

Caltex said aback announcement Couche-Tard’s takeover angle in November, “it has had approaches from a cardinal of parties, including EG Group, who accept adumbrated that they are potentially absorbed in authoritative a angle to admission Caltex or some of its assets.”

It added there was no authoritativeness any bounden angle would be fabricated by any of the parties.

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Privately endemic EG Accumulation entered Australia in 2018 with the accretion of bazaar behemothic Woolworths Group’s (WOW.AX) petrol stations for A$1.7 billion, afterwards Australia’s antagonism babysitter blocked the auction of that business to British oil behemothic BP Plc (BP.L).

EG Accumulation in Sydney was not anon accessible to animadversion on the Caltex approach. The buzz was changing at EG Group’s UK address alfresco of appointment hours.

Caltex in November alone an A$8.6 billion action from Couche-Tard at A$34.50 a share, but said it would accord the Canadian accessibility abundance close admission to some clandestine advice to advice it appear aback with a college bid.

The two abandon accept yet to array out the agreement for that access.

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Couche-Tard beneath to animadversion on Caltex’s account on Wednesday.

Analysts said EG Accumulation ability run into issues with the Australian Antagonism and Consumer Commission, accustomed that the UK accumulation is amid the top four petrol retailers in the country and would be behest for a arrangement that accounts for about 16% of petrol retail sales.

However they said the apropos would be altered than with BP’s bid for Woolworths’ petrol stations, which would accept alone abatement antagonism in the market.

“It could be argued that an EG/CTX Accessibility aggregate ability actualize a stronger third/fourth ranked adversary in the retail market,” Credit Suisse said in a agenda on Wednesday.

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The acute absorption in Caltex comes afterwards the abruptness re-entry of Caltex’s above co-owner Chevron Corp (CVX.N) into Australian petrol retailing, affairs Puma Energy’s business for A$425 million.

As a aftereffect of that deal, Caltex has been affected to accord up its cast and will accept to absorb A$165 actor to rebrand its petrol stations, animating the old Ampol name.

($1 = 1.4550 Australian dollars)

Reporting by Sonali Paul; alteration by Richard Pullin

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