7-Eleven buys up Mobil stations

The move comes after the Australian Competition and Consumer Commission blocked an attempt by Caltex Australia in December to acquire 302 Mobil stations for $300 million.

7-Eleven will continue to operate all stores and has ensured all jobs under the deal with Strasburger Enterprises, which operates Mobil's metropolitan service stations.

Russ Withers, chairman of 7-Eleven, said converting the Mobil stations would take about 14 months from October 4, when the transaction is due to take place.

Mobil will continue to supply fuel to the sites.

Mr Withers said 7-Eleven would sell the South Australian stations to Peregrine Corporation, leaving about 250 sites that it will eventually control, taking its total stores to about 650.

Mobil fuels director Kim MacMillan said the company was keen to finally offload most of its retail business.