Under the proposal, Caltex shareholders would receive roughly AU$15.62 in cash and a security in Ampol, which will own Caltex's fuel and infrastructure business as well as its international trading and shipping operations.
Caltex says EG has also indicated that it is prepared to consider acquiring up to 10 per cent of Ampol for additional cash consideration.
The company, which operates approximately 2,000 service stations, says it's considering the proposal, including obtaining advice from its financial and legal advisers.
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