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Canadian convenience-store giant Alimentation Couche-Tard Inc. offered A$8.6 billion (US$5.8 billion) for fuel retailer Caltex Australia Ltd., sweetening its bid for about 2,000 sites as it seeks to broaden a global expansion.

Couche-Tard offered A$34.50 cash per share, higher than an earlier proposal of A$32 a share that was rejected as too low, Caltex said in a statement Tuesday. The fresh bid is 16 per cent higher than Monday’s closing price.

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Caltex shares jumped 13 per cent, the most since 2002, to A$33.79 in Sydney trading on Tuesday.

Caltex, which earlier this week announced it planned an initial public offering of a 49 per cent stake in 250 retail freehold sites, said it was considering the proposal. Caltex gets about 23 per cent of its annual revenue from its convenience and retail operations, with its fuel and infrastructure business accounting for the rest, according to data compiled by Bloomberg.