Coop takes over Coop Pronto for 1.06 billion Swiss francs
Published: Tuesday, Oct 15th 2024, 11:00
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Coop is taking over all of Coop Pronto's 324 stores and petrol stations. The retail giant is buying the share in Coop Mineraloel AG that was previously owned by its US partner Phillips 66. The concept of the new 100 percent subsidiary will not change for the time being.
Coop is acquiring Phillips 66's 49 percent stake in Coop Mineraloel AG, as announced in a press release on Tuesday. The deal still requires the approval of the Swiss Federal Competition Commission (COMCO) in order to be finalized. Coop already owns the remaining 51 percent.
The sale is a strategic decision for Phillips 66, as the former subsidiary of the global energy group ConocoPhillips, which is now listed independently on the US stock exchange, announced on Tuesday night. Coop is paying a total of CHF 1.06 billion in cash for Phillips 66.
Phillips 66 no longer considers the operation of petrol stations and petrol station stores to be part of its core business. It was announced in the spring that the Group intends to sell the approximately 1000 German and Austrian Jet service stations. Some of the proceeds from the sales are to go to the shareholders.
Strengthening the convenience business
Coop, in turn, wants to strengthen its market position in the convenience business with the full takeover of Coop Pronto. The transaction would "secure ideal locations for the future in the growing convenience market", the news agency AWP was asked. Coop did not say whether further locations would be added.
Coop Pronto operates stores in selected locations throughout Switzerland and Liechtenstein with a smaller product range than is the case in Coop stores. These include stores at petrol stations, train stations and in city centers. Today, 259 of the 324 Coop Pronto stores are located at petrol stations.
The first petrol station store was opened by the then wholly-owned subsidiary OK Coop in 1987. From 1995, the Coop Pronto store concept was gradually introduced at 46 locations. Since 2000, the company has been called Coop Mineraloel AG. It opened its 100th location in 2003, its 200th in 2008 and its 300th store in 2018. Coop Mineraloel AG most recently achieved annual sales of CHF 2.7 billion.
Franchise concept remains
Coop Pronto will continue to be operated according to the existing concept in the franchise system, it was reported. Coop's franchise partners will run the stores according to Coop's specifications and will do so under their own responsibility. The longer opening hours will also be retained, Coop promised.
A total of around 5800 people are currently employed at Coop Pronto locations. They are employed directly by the franchise partners and, according to Coop, will keep their jobs.
However, there will be changes in the purchase of mineral oil products. To ensure security of supply, fuel will in future be procured from various suppliers, including Phillips 66, Coop announced.
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