Austria: OMV Prepares for Petrol Ofisi Ownership
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Friday, 09 October 2009 |
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OMV
which is in talks to take control of Petrol Ofisi has hired four banks
for a potential €1 billion ($1.45 billion) share offer, sources
familiar with the matter said.
OMV, which currently owns 42 percent of Petrol Ofisi, is in talks with the Dogan family to acquire another 54 percent stake in the gas station chain in Turkey. To avoid its gearing ratio to surge beyond the 30 percent target level, OMV has hired Bank of America, Merrill Lynch , Barclays , JP Morgan and UniCredit for a share offer of about €1 billion. Timing of the share offer will depend on the talks about Petrol Ofisi, the sources said. OMV wants to build up Turkey as its third strategic centre, after Austria and Romania.
PetrolWorld 081009
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