UK: DCC Steps into Total Oil Bid

Irish conglomerate DCC has announced that it will purchase several UK assets currently owned by Total from Rontec, which had agreed to a wider purchase of Total Assets in June. The transaction, valued at €67m, depends upon the original Total-Rontec deal being completed. This is expected to occur at the end of this year, after which the fee will be paid in cash at completion.

  Under the deal, DCC will take over Total Butler, a transport, commercial and home heating oil distribution business with 40 depots across the UK. It will also acquire Total’s entire Isle of Man and Channel Islands oil distribution and fuel retail businesses, and contracts to supply transport fuels to some 300 owner-operated fuel service stations. Together, the businesses concerned sold 1.5 billion litres of fuel in 2010.

"This acquisition represents a further significant step forward in DCC's growth strategy in oil distribution in Britain.   It will considerably extend DCC Energy's presence in England and Wales and will also enhance our ability to serve customers throughout the market," said CEO Tommy Breen.

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