Statoil to sell retail arm for $1.5 bln

Norway's Statoil to sell retail arm for $1.5 bln to focus on oil exploration

Associated Press

OSLO, Norway (AP) -- Norway's Statoil ASA says it has agreed to sell its retail arm to a Canadian investor for 8.6 billion kroner ($1.5 billion) as the company attempts to focus on exploration and production.

Statoil says Canada's Alimentation Couche-Tard has agreed to purchase the 54 percent stake in Statoil Fuel & Retail at what is a 53 percent premium to the current trading price.

Statoil chief financial officer Torgrim Reitan said Wednesday in a statement that the sale will free up capital, streamline business, and allow the company to concentrate on its so-called "upstream activities".

The two sides hope to finalize the deal in the second quarter of this year.

Statoil Fuel & Retail went public and was listed on the Oslo Stockholm Exchange in 2010.

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