It's a good point Russell. Caltex estimate a worst-case $150m impact, out of that $900m EBIT. There is some cost-out, possible only if Caltex lose the supply deal to Woolworths sites. Also BP's bid has been blocked, so a decent chunk of the Woolworths network could be sold to independent retailers who will need a supplier. Recent acquisitions will also add some growth.

On Caltex: Shrink to grow -