Alimentation Couche-Tard Inc. will buy U.S. retail rival CST Brands Inc. in a takeover deal worth $4.4 billion. The two companies had been rumoured to be working on a pact since last week, and on Monday, the Quebec-based convenience store chain confirmed their offer. Couche-Tard will pay $48.53 US for every share of the U.S. company, a 42 per cent premium to where the shares were before takeover rumours started. CST employs 14,000 people across 2,000 locations primarily in the American southwest. Couche-Tard already has an extensive network in the United States, which operates primarily under the Circle K brand of convenience stores and gas stations, as well as in Canada where it owns the Mac's and Couche-Tard chains.

Source: CBC News August 22, 2016 13:12 UTC