It is more compelling for oil giant BP to make a tilt for Caltex Australia rather than buying Woolworths' petrol business, according to Credit Suisse.
In a report titled: Hello...is it me you're looking for? Credit Suisse analyst Mark Samter tells clients."If BP really is serious about growing Australian downstream and are willing to pay the mooted multiples, then perhaps they are looking at the wrong target?
Caltex could be all they ever wanted, albeit ...their arms might not be open wide . Samter outlines that it would be a bigger outlay for BP but he questions whether the oil major will emerge as the ultimate buyer of Woolworths' petrol business.
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