London Daily

Focus on the big picture.
Thursday, Jan 29, 2026

Abu Dhabi state oil giant weighs £5bn bid for Motor Fuel Group

Abu Dhabi state oil giant weighs £5bn bid for Motor Fuel Group

The Gulf state's national oil company is lining up bankers from JP Morgan to advise on a possible offer for Britain's biggest independent petrol station operator, Sky News learns.
One of the world's biggest oil producers is contemplating a multibillion pound takeover bid for Motor Fuel Group (MFG), Britain’s biggest independent petrol station operator.

Sky News has learnt that the Abu Dhabi National Oil Company (ADNOC) is lining up bankers to work on a potential offer for MFG, which has been put up for sale with a price tag of about £5bn.

City sources said on Friday that ADNOC, which is among the 20 biggest oil companies in the world, had yet to make a firm decision about whether to bid ahead of an initial deadline next week.

However, it is preparing to hire JP Morgan, the Wall Street investment bank, to advise it on its interest in the UK company, they said.

ADNOC would be a significant player in a bidding war for a company that has rapidly grown is estate and profitability, and is now seeking to harness the automotive industry's efforts to embrace the transition to cleaner energy.

MFG has committed to spending £50m this year on installing hundreds of electric vehicle charging points across its roughly-900 sites, and believes it can play a leading role in that shift during the coming years.

A bid from ADNOC would represent one of the biggest single investments by a company from the Gulf state in a British business, and follows the signing of a £10bn sovereign investment partnership between the UK and UAE last year.

Technology, energy transition, infrastructure and life sciences were identified as the principal focuses for the partnership between the Abu Dhabi fund Mubadala and the UK's Office for Investment.

ADNOC produces roughly 3m barrels of oil each day, as well as 10.5bn cubic feet of gas, placing it among the world's largest producers of the two energy sources.

If it does bid for MFG, it will probably be pitted against Fortress Investment Group and Macquarie, the Australian financial services behemoth which recently bought Roadchef, the motorway services operator, for about £1bn.

People close to the process cautioned, however, that a sale was not certain to go ahead, given difficult financing markets.

Clayton Dubilier & Rice (CD&R) will only proceed with a sale if it can secure an attractive valuation, they added.

MFG has grown through a series of acquisitions to become the largest independent player in the sector, behind BP and Shell.

A merger of its assets with Morrisons' petrol stations was mooted by City analysts at the time of the supermarket chain's takeover by CD&R, but the prospect of that transaction receded after a £750m deal for EG Group to buy Asda's forecourts was abandoned in October.

Asda and EG Group are both controlled by TDR Capital and the lagger's founders, Mohsin and Zuber Issa.

CD&R has owned MFG since 2015, and has now picked a quartet of banks to oversee the company's sale.

Citi, Deutsche Bank, Goldman Sachs and Royal Bank of Canada will work jointly on the process, with a stock market listing considered to be far less likely.

The company has grown substantially since CD&R bought it in 2015 from Patron Capital Partners in a deal worth about £500m.

Three years later, it paid £1.2bn to add MRH, the market leader, creating a group operating under fuel brands such as BP, Esso, Shell and Texaco.

Profits are understood to have risen about tenfold since CD&R's original acquisition of MFG.

Like rivals, it has invested heavily in its convenience retailing proposition, featuring the likes of Costa Coffee, Greggs and Subway at many of its sites.

EG is undertaking a review of its strategic options and has been linked with a merger with Canada's Alimentation Couche-Tard, while Rontec, the group controlled by the entrepreneur Gerald Ronson, has also been periodically linked with a sale.

MFG is run by William Bannister, who acquired the business in 2011 through a management buy-in, while it is chaired by Alasdair Locke, a serial entrepreneur in the energy industry.

Both men would be in line for substantial windfalls from a £5bn sale.

ADNOC could not be reached for comment on Friday, while JP Morgan and CD&R both declined to comment.
Newsletter

Related Articles

0:00
0:00
Close
Starmer Seeks Economic Gains From China Visit While Navigating US Diplomatic Sensitivities
Starmer Says China Visit Will Deliver Economic Benefits as He Prepares to Meet Xi Jinping
UK Prime Minister Starmer Arrives in China to Bolster Trade and Warn Firms of Strategic Opportunities
The AI Hiring Doom Loop — Algorithmic Recruiting Filters Out Top Talent and Rewards Average or Fake Candidates
Amazon to Cut 16,000 Corporate Jobs After Earlier 14,000 Reduction, Citing Streamlining and AI Investment
Federal Reserve Holds Interest Rate at 3.75% as Powell Faces DOJ Criminal Investigation During 2026 Decision
Putin’s Four-Year Ukraine Invasion Cost: Russia’s Mass Casualty Attrition and the Donbas Security-Guarantee Tradeoff
Wall Street Bets on Strong US Growth and Currency Moves as Dollar Slips After Trump Comments
UK Prime Minister Traveled to China Using Temporary Phones and Laptops to Limit Espionage Risks
Google’s $68 Million Voice Assistant Settlement Exposes Incentives That Reward Over-Collection
Kim Kardashian Admits Faking Paparazzi Visit to Britney Spears for Fame in Early 2000s
UPS to Cut 30,000 More Jobs by 2026 Amid Shift to High-Margin Deliveries
France Plans to Replace Teams and Zoom Across Government With Homegrown Visio by 2027
Trump Removes Minneapolis Deportation Operation Commander After Fatal Shooting of Protester
Iran’s Elite Wealth Abroad and Sanctions Leakage: How Offshore Luxury Sustains Regime Resilience
U.S. Central Command Announces Regional Air Exercise as Iran Unveils Drone Carrier Footage
Four Arrested in Andhra Pradesh Over Alleged HIV-Contaminated Injection Attack on Doctor
Hot Drinks, Hidden Particles: How Disposable Cups Quietly Increase Microplastic Exposure
UK Banks Pledge £11 Billion Lending Package to Help Firms Expand Overseas
Suella Braverman Defects to Reform UK, Accusing Conservatives of Betrayal on Core Policies
Melania Trump Documentary Sees Limited Box Office Traction in UK Cinemas
Meta and EssilorLuxottica Ray-Ban Smart Glasses and the Non-Consensual Public Recording Economy
WhatsApp Develops New Meta AI Features to Enhance User Control
Germany Considers Gold Reserves Amidst Rising Tensions with the U.S.
Michael Schumacher Shows Significant Improvement in Health Status
Greenland’s NATO Stress Test: Coercion, Credibility, and the New Arctic Bargaining Game
Diego Garcia and the Chagos Dispute: When Decolonization Collides With Alliance Power
Trump Claims “Total” U.S. Access to Greenland as NATO Weighs Arctic Basing Rights and Deterrence
Air France and KLM Suspend Multiple Middle East Routes as Regional Tensions Disrupt Aviation
U.S. winter storm triggers 13,000-plus flight cancellations and 160,000 power outages
Poland delays euro adoption as Domański cites $1tn economy and zloty advantage
White House: Trump warns Canada of 100% tariff if Carney finalizes China trade deal
PLA opens CMC probe of Zhang Youxia, Liu Zhenli over Xi authority and discipline violations
ICE and DHS immigration raids in Minneapolis: the use-of-force accountability crisis in mass deportation enforcement
UK’s Starmer and Trump Agree on Urgent Need to Bolster Arctic Security
Starmer Breaks Diplomatic Restraint With Firm Rebuke of Trump, Seizing Chance to Advocate for Europe
UK Finance Minister Reeves to Join Starmer on China Visit to Bolster Trade and Economic Ties
Prince Harry Says Sacrifices of NATO Forces in Afghanistan Deserve ‘Respect’ After Trump Remarks
Barron Trump Emerges as Key Remote Witness in UK Assault and Rape Trial
Nigel Farage Attended Davos 2026 Using HP Trust Delegate Pass Linked to Sasan Ghandehari
Gold Jumps More Than 8% in a Week as the Dollar Slides Amid Greenland Tariff Dispute
BlackRock Executive Rick Rieder Emerges as Leading Contender to Succeed Jerome Powell as Fed Chair
Boston Dynamics Atlas humanoid robot and LG CLOiD home robot: the platform lock-in fight to control Physical AI
United States under President Donald Trump completes withdrawal from the World Health Organization: health sovereignty versus global outbreak early-warning access
FBI and U.S. prosecutors vs Ryan Wedding’s transnational cocaine-smuggling network: the fight over witness-killing and cross-border enforcement
Trump Administration’s Iran Military Buildup and Sanctions Campaign Puts Deterrence Credibility on the Line
Apple and OpenAI Chase Screenless AI Wearables as the Post-iPhone Interface Battle Heats Up
Tech Brief: AI Compute, Chips, and Platform Power Moves Driving Today’s Market Narrative
NATO’s Stress Test Under Trump: Alliance Credibility, Burden-Sharing, and the Fight Over Strategic Territory
OpenAI’s Money Problem: Explosive Growth, Even Faster Costs, and a Race to Stay Ahead
×