French conglomerate sues Morrisons over £2.5bn petrol forecourts deal
Equans EV Solutions, a subsidiary of the giant, is suing the supermarket for an alleged breach of contract over the move
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Bouygues, a French conglomerate, is reportedly looking to block Morrisons’ £2.5bn deal to sell over 300 of its petrol forecourts to Motor Fuel Group (MFG).
According to The Times, Equans EV Solutions, a subsidiary of the giant, which is worth €13bn (£11bn), is suing the supermarket for an alleged breach of contract over the move.
Equans and Morrisons had previously signed an agreement which gave Equans exclusive rights to install charging equipment at 273 Morrisons sites.
However, Morrisons walked away from the agreement two weeks after announcing the MFG deal in January, The Times reported.
Last month, it was reported that Morrisons had successfully closed the sale of 337 Morrisons’ petrol forecourts for £2.5bn.
The agreement also included the acquisition of more than 400 associated sites across the UK for Ultra-Rapid electric vehicle (EV) charging development.
As part of the deal, Morrisons took a minority stake of around 20% in MFG and entered into commercial and supply agreements with the group, underscoring the long-term nature of the partnership.
Morrisons intends to use the cash proceeds of £1.8bn to strengthen its capital structure and repay some of its debt, which is worth around £6.6bn.
Morrisons has been contacted for comment.
