Supermarket giant Asda is reportedly closing in on its bid to take over the Co-op Group’s petrol stations for £450 million.
Sky News today reported that the deal could be confirmed as soon as this week. This is despite other businesses also plotting bids for the assets.
It comes after Asda – which runs 320 petrol stations across the UK – was taken over by the Issa Brothers and TDR Capital last year. The deal went through only after Asda agreed to sell 27 of its forecourts following competition concerns by the regulator.
The Evening Standard reports that Co-op Group – which also owns supermarket chains and funeral care operations – has offloaded a number of its divisions over the past decade, including its chain of pharmacies and travel shops.
Asda and the Co-op both declined to comment on Monday to various media outlets.