The Caltex Australia Limited (ASX: CTX) share price has been a positive performer on Wednesday.
In morning trade the fuel retailer’s shares are up 1% to $35.33. This compares to a 0.65% decline by the S&P/ASX 200 index.
Why is the Caltex share price pushing higher?
Investors have been buying the company’s shares on Wednesday after it responded to recent media speculation.
Earlier this week Bloomberg reported that Caltex was the subject of another takeover approach from the UK-based EG Group.
This follows its rejection of an unsolicited, conditional, confidential, non-binding and indicative proposal from Canada’s Alimentation Couche-Tard at the end of November.
Alimentation Couche-Tard offered to acquire Caltex at an indicative cash price of $34.50 per share less any dividends. This valued Caltex at approximately $8.6 billion but was not enough to interest the Caltex board.
This morning Caltex confirmed that it has received approaches from a number of parties, including EG Group.
Furthermore, EG Group, the world’s largest independent fuel station and convenience store chains, has indicated that it is “potentially interested in making a proposal to acquire Caltex or some of its assets.”
Caltex has not yet received any acquisition proposals subsequent to the proposal from Alimentation Couche-Tard in November.
It also warned that there is no certainty that any binding proposal will be made by any of the parties that have expressed potential interest.
Caltex isn’t the only company with takeover news on Wednesday.
This morning WiseTech Global Ltd (ASX: WTC) announced the acquisition of Switzerland-based SISA Studio Informatica SA.
SISA Studio Informatica is a leading customs and freight forwarding solutions provider. It is the Swiss market leader in providing customs and logistics solutions. This includes customs clearance, freight forwarding and bonded warehouse management.
It has agreed an upfront fee of ~$15.5 million, with a further multi-year earn-out potential of up to ~$8.9 million. The latter relates to business and product integration, customs development and customer conversion.
The post Caltex share price higher after responding to takeover speculation appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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