Austria's OMV completes Turkey's Petrol Ofisi acquisition

Austria's energy company OMV said that it completed the acquisition of a 54.14 percent stake in Petrol Ofisi A.S., one of the leading companies in the Turkish oil products retail and commercial markets.

Austria's OMV completes Turkey's Petrol Ofisi acquisition

Austria's energy company OMV said Wednesday that it completed the acquisition of a 54.14 percent stake in Petrol Ofisi A.S., one of the leading companies in the Turkish oil products retail and commercial markets, following the approval of the transaction by the relevant authorities.

With this transaction OMV increases its stake in Petrol Ofisi from 41.58 percent to 95.72 percent. The purchase price paid for Dogan Holding's stake in Petrol Ofisi amounts to 499.7 million Euro and 694.6 million USD. OMV has hedged the USD component.

Prior to completion, Petrol Ofisi paid a dividend in Turkish Lira equal to 203 million USD to OMV, 265 million USD to Dogan Holding and 21 million USD to free float shareholders. Closing of the transaction triggers a mandatory tender offer to free float investors in Petrol Ofisi which will be executed according to Turkish laws and regulations in January 2011.

This acquisition of a majority stake in Petrol Ofisi significantly strengthens OMV's position in the Turkish market and supports OMV's strategy of further enhancing its leading position in the European growth belt. The transaction is a further step in OMV's growth strategy and aims at positioning Turkey as a third hub, besides Austria and Romania.

"In addition to the activities of Petrol Ofisi, the gas-fired power plant in Samsun (under construction) and the Nabucco gas pipeline project, Turkey represents a strategic bridgehead to the resource-rich Caspian Region and the Middle East. OMV will seek to leverage Petrol Ofisi's position to the benefit of all its business segments," OMV said.


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Last Mod: 23 Aralık 2010, 10:00
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