Gulf Oil and Gas accountACCOUNT

OMV Sells its Marketing Subsidiary to NIS

Source: www.gulfoilandgas.com 11/30/2012, Location: Asia

OMV has signed an agreement to sell its subsidiary in Bosnia-Herzegovina, OMV BH d.o.o, a 100%-owned subsidiary of OMV Refining & Marketing GmbH, to the Serbian oil company NIS.

In Bosnia-Herzegovina, OMV has been active in the retail and commercial business since 2001. There are 22 employees in the head office of OMV BH d.o.o in Sarajevo. The market share of the 28 filling stations is estimated at 8%.

“With this move, we have completed another important step in implementing the OMV strategy which aims at optimizing our Refining and Marketing portfolio by divesting non-core marketing assets.” says Manfred Leitner, OMV Executive Board Member responsible for Refining and Marketing.

Previously OMV Petrol Ofisi, OMV’s Turkish subsidiary, already sold its 52% stake in the Cypriot retail company Kibris Türk Petrolleri Limited Sirketi at the end of November 2011. Furthermore, OMV Petrom announced the sale of its subsidiary Petrom LPG SA in June 2012.

The OMV strategy aims at a sharpened and simplified company portfolio. This includes gradually shifting the portfolio away from Refining and Marketing towards Exploration and Production. OMV will continue focusing the retail and commercial business on markets with integrated supplies. The OMV filling stations in Bosnia-Herzegovina did not fit optimally into the OMV supply chain, therefore a sale of these assets was pursued. Following the completion of this transaction, OMV will have no further activities in the country.

The deal is expected to be closed in the first quarter of 2013 following approval of competition authorities. The companies have agreed not to disclose the purchase price.

Mergers and Acquisitions News in Russia >>

Netherlands Antilles >>  2/15/2019 - Shell has agreed to acquire 100% of sonnen, a leader in smart energy storage systems and innovative energy services for households. This follows an in...
United Kingdom >>  2/15/2019 - Rowan Companies plc (RDC) has received clearance from the United Kingdom's Competition and Markets Authority for its pending combination with Ensco pl...

United States >>  2/6/2019 - Air Liquide announces that Airgas has signed a definitive agreement to acquire TA Corporate Holdings, Inc. (“Tech Air”), a large independent distribut...
Russia >>  2/5/2019 - Tenaris S.A. will form a joint venture with PAO Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russ...

Norway >>  2/1/2019 - Equinor has completed the EUR 400 million acquisition of Danske Commodities (DC) announced in July 2018, after having received all required regulatory...
United States >>  2/1/2019 - Emerson (EMR) has completed the purchase of Intelligent Platforms from General Electric (NYSE:GE). The addition of Intelligent Platforms programmable ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.