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
Source: chemengonline.com
BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.
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