INTERNATIONAL NEWS
SAN RAMON, Calif. -- Chevron Corp. is selling its 50 percent stake in the Hydro Texaco gas station chain in Denmark and Norway, to Norway's Reitan Servicehandel group for an undisclosed price.
Norsk Hydro, which owns the other half, also is selling and will be paid $161 million for its share. Chevron did not say how much it will get for its half.
Reitan Servicehandel, based in Trondheim, Norway, will take over operation of the 768-unit gas station chain, which operates under the Hydro Texaco and Uno-X brands, but will not be able to continue using the Texaco brand name. It has six months to stop using that brand, according to a report by the The Associated Press. The Uno-X chain operates fuel-only automated stations, while the Hydro Texaco stations include c-stores.
The deal requires approval by regulators and should close in the fourth quarter of 2006.
The family owned Reitan group runs 210 7-Eleven stores in Norway, Sweden and Denmark, as well as other local convenience store chains.
Managing director Magnus Reitan said his group will begin by converting about 100 of the Norsk Hydro stores to 7-Eleven stores. He said they will continue to sell fuel under the Norsk Hydro YX logo.
"The 7-Eleven concept will give motorists something new, including a more varied selection of fast food," said Reitan.
Norsk Hydro, which owns the other half, also is selling and will be paid $161 million for its share. Chevron did not say how much it will get for its half.
Reitan Servicehandel, based in Trondheim, Norway, will take over operation of the 768-unit gas station chain, which operates under the Hydro Texaco and Uno-X brands, but will not be able to continue using the Texaco brand name. It has six months to stop using that brand, according to a report by the The Associated Press. The Uno-X chain operates fuel-only automated stations, while the Hydro Texaco stations include c-stores.
The deal requires approval by regulators and should close in the fourth quarter of 2006.
The family owned Reitan group runs 210 7-Eleven stores in Norway, Sweden and Denmark, as well as other local convenience store chains.
Managing director Magnus Reitan said his group will begin by converting about 100 of the Norsk Hydro stores to 7-Eleven stores. He said they will continue to sell fuel under the Norsk Hydro YX logo.
"The 7-Eleven concept will give motorists something new, including a more varied selection of fast food," said Reitan.