Dubai: OMV, considered the leading energy group in the European growth belt, said it completed the acquisition of a further 54.14 per cent stake in Turkish oil products retailer Petrol Ofisi on Wednesday.
The transaction has received approval by relevant authorities including anti-trust clearance, OMV said in a statement yesterday. With this transaction, OMV has increased its stake in Petrol Ofisi from 41.58 per cent to 95.72 per cent, thereby fully consolidating the company within the OMV Group.
Purchase price
The purchase price paid for Doan Holding's 54.14 per cent stake in Petrol Ofisi amounts to ¤499.7 million (Dh2.406 billion) plus $694.6 million (Dh2.55 billion). OMV has hedged the dollar component, it said.
Prior to completion, Petrol Ofisi paid a dividend in Turkish lira equal to $203 million to OMV, $265 million to Doan Holding and $21 million to free-float shareholders.
The transaction will be initially funded with existing cash and undrawn committed credit lines.
OMV said it has access to a range of debt and equity instruments to replace part or all of the funds used for the acquisition, "including an appropriate combination of equity and equity-like sources of capital". OMV currently anticipates executing this refinancing in the first half of next year.
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, OMV said.
"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," a statement said.
"OMV has a strong footprint in the attractive markets of Central and Southeastern Europe and with this transaction adds a leading position in the important Turkish market where OMV will further develop and roll out its successful integrated business model.
"The transaction is a further step in OMV's growth strategy and aims at positioning Turkey as a third hub, besides Austria and Romania, within the integrated energy group," it said.
Bridge to Caspian region
In addition to the activities of Petrol Ofisi, a gas-fired power plant under construction in Samsun and the Nabucco gas pipeline project, Turkey represents a strategic bridgehead to the resource-rich Caspian region and the Middle East.
Wolfgang Ruttenstorfer, OMV's CEO, stated: "With the closing of this transaction we have strengthened our position as integrated market leader in Central and Southeastern Europe. We are looking forward to carrying on with the long lasting tradition and successful company history of Petrol Ofisi and will build upon this strong basis to grow all OMV business segments through our integrated business model."
Gerhard Roiss, deputy CEO responsible for refining and marketing, added: "This acquisition doubles the size of OMV's marketing network and significantly increases our sales volumes."
