Australia's Viva Energy climbs on acquiring Coles' fuel and convenience business

Waypoint REIT

21/09/2022 01:52

** Shares of power producer Viva Energy  VEA.AX  climb as
much as 4.4% to A$2.745, set for best session since Aug. 26 if
gains hold
    ** Co to acquire the fuel and convenience retailing business
of the country's no.2 grocer Coles Group  COL.AX  for A$300
million ($200.64 million)  urn:newsml:reuters.com:*:nL4N30R3WM
    ** VEA will own and operate 710 sites nationally under the
deal
    ** Says one-off integration costs of A$120 mln to A$140 mln
are expected to be funded through ongoing cash flow over the
next three years
    ** Adds deal is expected to close in the H2 of FY23 subject
to Australian Competition and Consumer Commission and Foreign
Investment Review Board's approval
    ** COL falls as much as 0.8% to A$16.610
    ** As of last close, VEA stock up 11.9% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))