Petrom, a member of the Austrian petroleum group OMV, intends to make new acquisitions on the petrol stations market, according to its strategy to expand as a brand in South-Eastern Europe.
Sources on the market told ZIARUL FINANCIAR that Petrom was preparing two acquisitions of filling station networks, held by international companies. "One of the acquisitions will be made in Romania soon and targets a fuel station chain held by an international company, which is not a player the size of LukOil, OMV, MOL or Agip. The other one targets a takeover of petrol stations in Bulgaria," the quoted sources specified. They added that the networks targeted by Petrom comprised 10-20 stations. Under the circumstances, the cumulated value of the two acquisitions is estimated at 30-50 million euros, considering the market price of a petrol station and the latest transactions in the market.
Petrom sources say the petroleum company has a number of acquisition projects in the pipeline at present, and is focusing on the consolidation of the core business, petroleum and gases, on the markets where it is operating. "As a principle, Petrom does not reveal details about projects unless they are completed. As announced, Petrom will focus on its core business, in order to improve its efficiency and, accordingly, will give up some of its operations, motels included. The transaction does not entail only an intention to sell on the part of the company, but also finding buyers so that we could ensure the best conditions both for Petrom and the motels," Petrom''s officials commented on the information.
Petrom has recently taken over the subsidiaries of OMV in Romania, Bulgaria, Serbia and Montenegro, totalling 178 filling stations in the three countries, in a 234 million-euro deal. The funding of Petrom''s operation is partly covered by the capital inflow from OMV and partly self-funded. OMV''s capital contribution was 830 million euros at the time it took over 51% in Petrom in 2004, in a transaction worth 1.5 billion euros.
The Austrians at OMV announced at the end of last year that Petrom''s range of operations would be expanded internationally by promotion as an international brand on the petrol station market in the Balkan region and also by promotion of the services it offers in the upstream sector (exploration and production of petroleum and gas), with the targeted area being the Caspian Sea basin.
Werner Schinhan, Petrom''s deputy chief executive, who also deals with mergers and acquisitions, said early in the year that the Romanian company was contemplating a takeover of a petroleum and gas producer, which it could carry on its own if the deal was not over 300 million dollars. At the same time, the latest moves of Petrom show how it is gradually divesting assets that are not related to its core business. After the divestiture of the Carpatina mineral water business a month ago, Petrom is getting ready to sell its network of hotels and motels.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
