Canada's Couche-Tard in lead to acquire CST Brands -sources

Tue Aug 16, 2016 10:34am EDT
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By Lauren Hirsch

NEW YORK Aug 16 (Reuters) - Canadian convenience store operator Alimentation Couche-Tard Inc is in the lead to acquire CST Brands Inc, a U.S.-based convenience store retailer, according to two sources familiar with the matter.

San Antonio, Texas-based CST owns and operates convenience stores and gas stations in Canada and the United States, and it controls the general partner of gas station company CrossAmerica Partners LP.

CST declined to comment. Couche-Tard did not immediately respond to a request for comment.

The move highlights the level of consolidation in the convenience store sector and reinforces Couche-Tard as one of the most acquisitive players in the industry.

The news comes about two months after Reuters reported that Couche-Tard and Japan's Seven & i Holdings Co Ltd had submitted offers to acquire CST.

The Wall Street Journal first reported that Couche-Tard was close to buying CST. (Reporting by Lauren Hirsch; Writing by John Tilak; Editing by Lisa Von Ahn)