The sudden $4.73 billion exit from Caltex Australia’s share registry by 50% shareholder Chevron is seen as an opportunity for Caltex to pursue acquisitions, which were pointed to by Caltex Australia chief executive Julian Segal at February’s FY results presentation.
Mr Segal welcomed new investors to its share register following the successful sell down by Chevron of its 50% shareholding in Caltex. Mr Segal said Caltex was pleased that Chevron’s share sale was met with strong demand from investors.
“Caltex is Australia’s leader in transport fuels and we remain committed to delivering top quartile shareholder returns. We retain an unyielding commitment to serving our customers with safe and reliable supply,” Mr Segal said.
There are almost 1250 Caltex-branded sites across Australia, with about 88% being franchisee-operated.
Macquarie Securities said the departure of Chevron as a 50% shareholder gave Caltex the scope to make an acquisition worth more than $1 billion.
Caltex has closed off the Kurnell refinery and moved to focus on its fuel distribution and retailing business. Caltex operates the Lytton refinery in Brisbane.
Mr Segal said that Caltex’s supply chain is unaffected by Chevron’s share sale.
“Ampol Singapore has been operating for over 12 months and has successfully forged strong links to a broad range of reputable fuel suppliers across Asia and beyond. Chevron is one of several suppliers contributing to our comprehensive and flexible supply chain,” he said.
Chevron noted that the current trademark licensing agreement between Chevron and Caltex will remain in effect following the sale.