Globes - McClatchy-Tribune Information Services via COMTEX, TradingMarkets.com, Feb. 04, 2010
Yitzhak Tshuva-controlled Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Europe BV is in negotiations with BP Group plc (NYSE; LSE: BP) subsidiary BP France SA to acquire all its 416 petrol stations in France for ae180 million. Delek Group expects to close the deal during the second half of the year.
Delek Group has already paid BP France ae10 million for negotiations exclusivity, which is valid through October 15. Delek Group will pay an additional ae10 million down payment when a contract is signed.
In addition to the gas stations, the deal includes 300 convenience stores and 200 carwashes. Delek will continue to operate the gas stations under the BP brand. The deal will probably also include a long-term agreement for the use of fuel cards.
If a deal is closed, Tshuva will hold a 3 percent share of the French gas stations market.
Delek Group owns Delek Europe through wholly-owned subsidiary Delek Petroleum Ltd. (TASE: DLKP.B7; DLKP.B8) (80 percent) and Delek Israel Fuel Corporation Ltd. (TASE: DLKIS) (20 percent). Delek Europe owns Delek Benelux BV, which operates 870 Texaco brand gas stations in the Netherlands and Belgium.
A deal will boost Delek Europe's gas stations in Europe to over 1,250. Delek Israel operates 1,000 gas stations in Israel.
Delek Group's share rose 0.5 percent by mid-afternoon to NIS 809.60, giving a market cap of NIS 9.2 billion. Delek Israel's share fell 0.1 percent to NIS 159.50, giving a market cap of NIS 1.81 billion.