Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, has won a tender by Chevron Corp. (NYSE:CVX) subsidiary Chevron Global Energy Inc. for the company's gas stations in the Benelux for €342 million . Delek Group unit Delek Benelux BV, held through Delek Petroleum Ltd. handled the deal for 803 Texaco-brand gas stations and 66 private brand gas stations.
Delek Benelux will acquire three companies that operate the gas stations. Delek will pay €10 million when the contract is signed, and the rest when the deal is closed, scheduled for October 31 at the latest. Delek Benelux will finance the acquisition with shareholders’ equity and bank loans.
The gas stations generated €1.13 billion revenue in 2004, €1.44 billion in 2005, and €1.5 billion in 2006. Figures provided by Chevron state that the gas stations’ aggregate net profit in 2006 was €22 million and the gross profit was €170 million.
Last month, “Globes” reported that Delek Petroleum would own 25%-30% of the company that would acquire the Benelux gas stations from Chevron.
Published by Globes [online], Israel business news - www.globes.co.il - on May 27, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007