Yesterday, Woolworths Ltd
(ASX:WOW) announced the sale of its petrol station network to BP for $1.8 billion.
As part of this deal, BP will buy 527 Woolworths-owned fuel convenience sites.
As for Woolworths, it will expand its loyalty program and unveil up to 200 additional Metro convenience stores.
In addition, a new “Metro at BP” store format will be jointly developed by both parties. This new format will be influenced by Woolworths’ Metro format.
This deal will, however, require ACCC approval before it completes.
Woolworths reported a net loss of $2.3 billion at 30 June 2016.
