BP Australia has announced it won’t continue with its proposed acquisition of Woolworths’ retail fuel and convenience business.
Despite its best efforts, BP has determined the transaction, originally announced on December 28, 2016, cannot be structured to meet its strategic objectives.
In a statement released this week, BP Australia said, “This decision will not deter the company from its strategy to transform the retail convenience sector in Australia. BP has a proven track record in delivering leading fuel and convenience offers to millions of customers around the world, through partnerships with strong local brands including Marks & Spencer in the UK and REWE in Germany.”
BP Chief Operating Office APAC Andy Holmes said, “I’m very confident in what the future holds and the delivery of BP’s strategy for strong market-led growth to 2021 with a continued focus on safe and reliable operations, increasing efficiency, simplification and modernisation.
“Our ambitions are underpinned by our long-standing strong relationships and partnerships. We’re committed to working with our commercial partners, new and existing, to continue our transformational agenda for the integrated fuels value chain, and deliver innovation, technology and a best-in-class offer consumers expect.
“BP is also growing here in Australia, with investments at Kwinana refinery and growing midstream volumes. In retail, BP is transforming convenience with new in-store offers and leading-edge technology, like BPme.”