Final agreement has been reached between Sweden’s ICA AB and Statoil ASA on the acquisition by Statoil of ICA’s 50 per cent interest in Statoil Detaljhandel Skandinavia AS.
The two sides have agreed not to disclose the purchase price for the shares in the Scandinavian retailing company.
This agreement requires the approval of the European Union competition authorities, which is expected to be forthcoming in late June/early July. Statoil will take over the shares as soon as the transaction has been approved.
In connection with the acquisition of ICA’s holding, new collaboration deals have been concluded for the supply of goods to Statoil’s retailing operations in Norway and Sweden.
“This agreement represents an important step forward in strengthening our position in the downstream market,” says acting Statoil chief executive Erling Øverland.
“It will provide for a uniform structure and further development of our retailing activities in Scandinavia, Poland, Ireland, Russia and the Baltic states.”
The new retailing business will embrace operations in nine countries, have 8 000 employees and annual revenues of NOK 40 billion, and serve more than a million customers every day.
Statoil Detaljhandel Skandinavia was established in 1999 as a 50-50 joint venture between Statoil ASA and ICA AS, a subsidiary of the Swedish group.
The company operates almost 1 400 service stations in Scandinavia and has about 23 per cent of the market.
Further information from:
Morten Henriksrud, public affairs manager, Statoil ASA, tel: +47 90 01 69 60 (mobile), +47 22 96 22 40 (office).
ICA press department, tel: +46 70 253 66 60