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Woolworths in sales talks over petrol business

Supermarket giant Woolworths has confirmed it is in discussions with a “number of interested parties” over its $1.5 billion petrol portfolio.

In a statement issued on Friday, the company said it was currently evaluating whether to retain or dispose of its petrol business.

Woolworths confirmed it had “received incomplete and conditional proposals from a number of parties” in relation to the purchase of the business as well as the development of an “enhanced convenience and loyalty offer to its customers”.

The statement follows media speculation that Caltex is in the final stages of negotiations to buy the supermarket giant’s 500 store network of petrol and convenience sites.

“Woolworths remains in discussions with a number of interested parties. No decision in relation to the future of the business has been made, and Woolworths wishes to advise that current discussions may not result in a transaction,” Woolworths said.

In August it was reported that Morgan Stanley had been mandated to head the sale and had “reached out to interested parties” over the past few months.

Woolworths announced earlier this year it was restructuring its business, closing as many as 30 supermarkets, including four Woolworths Metro stores, and axing 500 head office jobs.

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