Ireland: Chevron to Take full Ownership of Texoil
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Thursday, 02 April 2009 |
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Chevron has reached an agreement with Texoil MD Tom Kirrane to buy out
his shares in the business and take on full ownership of the fuel
distribution and retail operation.
Once the deal is complete, Texoil, which is currently operated as a
joint venture between Chevron and Kirrane, would become a wholly-owned
part of the Chevron Ireland operation. The Competition Authority
in Dublin confirmed that it had received notification of the proposed
acquisition from the two parties. In a statement, a spokesperson for
Texoil said that while a deal had been agreed between Kirrane and
Chevron, until the acquisition had been approved by the Competition
Authority, it was ‘business as usual’ for Texoil.
A decision was expected ‘in the next month or so’, the spokesperson
said. With 11 distribution depots, Texoil is one of the largest Texaco
fuel distributors in the country, while it also operates a substantial
retail/forecourt estate. In 2008, it announced details of a link-up
with ADM Londis whereby the retail stores at company-owned Texoil sites
would be converted to the Londis brand. This is understood to have
proceeded well, with Londis piloting a number of its new food-to-go
concepts in a flagship Monaghan store which opened last Autumn.
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