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Asda eyes up Co-op’s petrol business in £450m bid
Asda is the front-runner to buy approximately 130 petrol stations and convenience stores from the Co-op Group’s petrol forecourt business in a £450m swoop.
As first reported by Mark Kleinman for Sky News, a deal could be struck with the companies as soon as this week.
It is understood that proceeds from the Co-op Group’s petrol business would be used to reduce the mutual’s debt pile.
The company has previously dumped its chain of pharmacies and travel shops.
Meanwhile, Asda, which was sold by Walmart to the Issa brothers and TDR Capital in a £6.8bn deal last year, is reportedly up against a number of other interested parties.
Asda declined to comment and Co-op were not immediately available to comment on these reports.