MONTREAL -- Alimentation Couche-Tard Inc. has shelved its $5.6 billion bid to acquire Caltex, the largest chain of service stations and convenience stores in Australia.
"The COVID-19 crisis is first and foremost a human tragedy that has affected millions of people and has also significantly disrupted economies and businesses around the world, including the fuel and petroleum industries and retail in Australia," Couche-Tard said in a statement issued Sunday night,
Couche-Tard said it wants "to focus on running its own business during this time of crisis and prioritize the health, safety and well-being of its employees, customers and the communities it serves."
However, the Laval, Que.-based retailer said it does not rule out a future acquisition of Caltex, noting that "there are significant opportunities to be developed by combining the two companies, and Couche-Tard remains very interested in the conclusion of a transaction."
"Currently, our plan is to relaunch the process once the global outlook is sufficiently clear, and the work accomplished to date should allow us to quickly formalize our proposal at that time, '' said Brian Hannasch, president and chief executive officer of Couche-Tard.
Caltex operates around 2,000 service stations and convenience stores.
This report by The Canadian Press was first published April 20, 2020.
