OMV AG (Vienna, Austria) and MOL Group (Budapest, Hungary) announced an agreement for MOL Group to acquire OMV Slovenia. The agreement encompasses 120 filling stations, as well as OMV’s wholesale business in Slovenia. The transaction is subject to required regulatory approvals and closing is expected in 2022.
The agreed purchase price amounts to EUR 301 million (100% share). As part of the agreement, MOL Group will assume outstanding lease liabilities resulting in a total enterprise value for the business of approximately EUR 346 million. The purchase price is subject to customary net working capital and net debt adjustments.
This transaction will reduce OMV’s debt by approx. EUR 290 mn before consideration of taxes from OMV’s perspective (92.25% share), which will have a positive impact on OMV’s gearing.
“With this, we are taking another decisive step towards implementing our 2-billion-euro disposal program. This divestment not only contributes significantly to our deleveraging, it also means a further strategic optimization of our portfolio,” says Rainer Seele, Chairman of the Executive Board and CEO of OMV.
By Mary Page Bailey
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.