Couche-Tard wins U.S. OK to buy CST Brands

As a condition, it must sell 71 stores

WASHINGTON • Alimentation Couche-Tard Inc. has won U. S. antitrust approval t o buy rival CST Brands Inc. on condition that it sell up to 71 stores in eight states, the Federal Trade Commission said on Monday.

Alimentation CoucheTard, the Montreal- based chain of convenience stores and gas stations, said in August that it would buy the smaller CST, which has the Corner Store markets, for some US$ 4.4 billion.

As of late January, Couche-Tard had 8,081 convenience stores i n North America, i ncluding 6,7 10 which sold fuel, the company said in a news release.

The FTC required t he companies to sell 70 fuel stations with convenience stores to Empire Petroleum Partners in Arizona, Colorado, Florida, Georgia, Louisiana, New Mexico, Ohio and Texas, the agency said.

Empire also has the option to buy a gas station in Albany, Georgia, the FTC said.

Alimentation CoucheTard, which is still seeking antitrust clearance in Canada, said in a statement that it expected the deal to close on June 28. CoucheTard shares rose 3.6 per cent on t he approval to $ 63.62 in early afternoon t r ading on t he Toronto Stock Exchange. CST edged up 0.4 per cent to US$ 48.54 on the New York Stock Exchange.