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Vienna (pte030/10.02.2003/11:57) - Austrian oil and natural gas group OMV has further tightened its grasp on the market in central and eastern Europe.
The company announced today that it had purchased 313 Aral and BP stations from Deutsche BP AG in southern Germany, Hungary and Slovakia. The cost of the acquisition is estimated at 377 million euros and the purchase is to be financed through bank loans.
OMV has thereby expanded its central and eastern European network to 1,615 stations, which corresponds to a market share increase of 12 per cent. The transaction is expected to boost profits as early as 2003.
The listed oil group also purchased a 45 per cent stake in Bayernoil, a network of three refineries in Ingolstadt, and an 18 per cent stake in the Transalpine Pipeline (TAL), which supplies Bavarian refineries from Triest.
OMV general director Wolfgang Ruttenstorfer said: "This acquisition is part of our strategy to increase growth and value. It should help us achieve a leading position in Bavaria and strengthen our presence in the EU candidate countries Hungary and Slovakia."
He also believes these acquisitions will help OMV achieve its goal of doubling its market position by 2008. "Our goal is to have 2,000 petrol stations in our core region. This acquisition will strengthen our market leadership in central and eastern Europe in the long term," said Ruttensdorfer.
OMV's long term goal is to increase its market share to a full 20 per cent in its core regions. The recent wave of expansion brings its market share in Bavaria up to 10 per cent.
These acquisitions come on the heels of another broad round of purchases early this year. The transactions are to be completed during the second quarter of 2003.
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