Macquarie Group and U.K.-based EG Group are thinking of teaming up on a possible bid involving Caltex Australia, the largest fuel network in the country, people with knowledge of the matter have revealed.
If the bid moves forward, EG Group would keep Caltex’s main retail business, while Macquarie would take over its refinery unit and some infrastructure assets, according to Bloomberg.
Caltex was originally known as California Texas Oil Company when it began in 1936. It was a joint venture between what is now known as the Texas Company (now Texaco) and Standard Oil of California (now Chevron Corp.). It was renamed Caltex Petroleum Corp. in 1968.
Caltex remains a major international brand of the two companies, which merged to form Chevron Texaco in 2001 (now just Chevron). Caltex has a presence in more than 60 countries in the Asia Pacific region, the Middle East and Southern Africa.
As of Feb. 12, the Sydney branch of the company had a market va
