Circle K chain sold
Monday, Oct. 6, 2003 | 9:36 a.m.
HOUSTON -- Alimentation Couche-Tard Inc., Canada's biggest convenience-store operator, today agreed to buy ConocoPhillips' Circle K gas stations for $830 million to almost quadruple the size of its U.S. business.
The purchase of Circle K's 1,663 stations in 16 states will make Montreal-based Couche-Tard North America's fourth-biggest operator of convenience stores, up from seventh. Couche-Tard said on a conference call that buying Circle K will increase earnings by C$1.10 a share. That's equivalent to 44 percent more than it made all of last year.
Houston-based ConocoPhillips, the third-largest U.S. oil company, said it will supply gasoline to the outlets.
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