Newspaper article The Canadian Press

Imperial Oil to Sell Esso Stations to Five Fuel Distributors for $2.8 Billion

Newspaper article The Canadian Press

Imperial Oil to Sell Esso Stations to Five Fuel Distributors for $2.8 Billion

Article excerpt

Imperial Oil to sell Esso stations for $2.8B

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CALGARY - Imperial Oil says it has reached deals to sell its remaining 497 Esso retail stations in Canada to five fuel distributors for a total of $2.8 billion.

Alimentation Couche-Tard Inc. is set to buy 279 stations in Ontario and Quebec for nearly $1.69 billion.

Meanwhile, 7-Eleven Canada Inc. is buying 148 stations in Alberta and British Columbia, Harnois Groupe petrolier buying 36 in Quebec and Wilson Fuel Co. Ltd. buying 17 in Nova Scotia and Newfoundland.

Parkland Fuel Corp. says it will buy 17 Esso stations, and is also buying Imperial's On the Run/Marche Express convenience store franchise system.

Imperial (TSX:IMO), majority owned by U.S. energy giant ExxonMobil Corp., said it would continue to supply fuel to the stations and that the distributors would be better placed to increase sales. …

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