Couche-Tard nixes report of interest in Chinese retail network stake

|By:, SA News Editor

Alimentation Couche-Tard (OTCPK:ANCUF) says it not pursuing a stake in China's Sinopec Sales (SNP, SHI), refuting an earlier report that it is among the companies rumored to be interested in buying a stake in the world's largest fuel retail network.

Analysts had doubted Couche-Tard's interest, since a stake would give investors little control over Sinopec; Couche-Tard founder and CEO Alain Bouchard is a hands-on manager who makes acquisitions based on the belief that he can introduce his company's operational efficiency to the target and improve earnings. The chain has not historically made any passive investments of this kind, the paper said.