8/7/2009

OMV in USD 1.2 billion takeover talks on Petrol Ofisi

Reuters - Austrian energy group OMV has announced that it is currently in talks with Dogan Holding for the acquisition of its remaining stakes in the Turkish fuel retailer Petrol Ofisi, in a bid to move into emerging markets. Talks about Dogan's USD 1.2 billion stake come after OMV sold its stake in Hungary's MOL MOLB.BU for EUR 1.4 billion in March after an ill-fated takeover attempt, raising cash that analysts expect it to use to expand elsewhere. OMV, which already owns a 42 percent share in Petrol Ofisi, said it wants to build up Turkey as its third strategic center -- in addition to Austria and Romania -- due to its role as a bridge between Europe and the oil-gas producing regions. "Turkey is of strategic interest to us -- as a market and as a strategic bridge towards the big oil-gas producing regions of the world", said Chief Executive Wolfgang Ruttenstorfer at a news conference held to present second-quarter results. "Turkey is becoming a strategic priority as a third hub", added Ruttenstorfer.