BP axes purchase of Australian petrol pump network

LONDON: British energy giant BP has axed its planned $1.3-billion purchase of a network of Australian petrol stations, it said on Thursday.
“BP Australia will not continue with the proposed acquisition of Woolworths’ retail fuel and convenience business,” it said in a statement.
“Despite its best efforts, BP has determined the transaction cannot be structured to meet its strategic objectives.”
London-listed BP had announced plans in late 2016 to buy the network from supermarket chain Woolworths.
BP had sought to rebrand and operate Woolworths’ existing 531 fuel and convenience stores, plus 12 sites under construction. — Reuters