Portugal: Galp & Sonae Transfer of Service Stations

Galp Energia and Sonae Distribution are not to go ahead with the transfer of service stations network at Continente Hypermarkets.

Galp Energia has announced that it has agreed with Sonae Distribution the termination of the agreement for the transfer of the operation of eight petrol stations located next to Continente Hypermarkets.

This agreement, which included the set of petrol stations integrated in Sonae Distribution pursuant to the acquisition, in December 2007, of the ex-operations of Carrefour Portugal, was entered into in February of 2008 and was awaiting the decision from the Portuguese Competition Authority.

Notwithstanding their mutual decision to terminate said agreement, both Groups are committed to proceed with their fruitful partnership. The partnership includes existing joint operation of more than 100 convenience stores of the Galp Energia network under the Tangerina and M24 brands  as well as the cross-promotion campaign "5+5" that allows common customers of both Groups to benefit from a discount offer. The service station networks offer great potential in the future for the partnership.

PetrolWorld 170109