JERUSALEM, June 22 (Reuters) - British oil giant BP (BP.L) has agreed to sell its French retail business to Israeli conglomerate Delek Group DELEK.TA for 180 million euros ($241.5 million), Delek said on Tuesday.
Delek said its Delek Europe BV unit will acquire BP France SA’s fuels and convenience business in a deal expected to be completed in the second half of 2010, pending regulatory approvals.
“Since (BP’s) acceptance, the parties have been in discussions and working towards the signing of the final documentation and completion of the transaction,” Delek said.
The deal comes as part of a trend among major oil companies to cut exposure to low-margin fuel retailing.
Delek will buy 416 French petrol stations and interests or ownership in three fuel distribution depots.
BP branding will remain on the forecourts for several years under a licensing agreement and BP will have a supply agreement with Delek. [ID:nLDE6131BJ]
BP is struggling to stop a leak in a deep-sea well in the Gulf of Mexico that has led to the largest oil spill in United States history.
Reporting by Steven Scheer; Editing by Erica Billingham