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
Sidel has remotely assisted Nouvelle Brasserie de Guinée (Braguinée) with the tuning of a 1 L bottle line in Guinea. Braguinée is expanding its carbonated soft drink large format production to meet the growing demand for home consumption
Dutch PPE Solutions, a joint venture of VDL Groep and Royal DSM, has been able to produce carbon neutral meltblown fabric. Bornewables PP is made from bio-based feedstock derived entirely from waste and residue streams and has ISCC PLUS certification. Borealis is providing Dutch PPE Solutions with renewable PP from its , supporting them in reducing the climate impact of meltblown production.
The Supervisory Board of Covestro AG has prematurely extended the contract of Board of Management member Sucheta Govil, which runs until July 2022, by three years from August 1, 2022, to July 31, 2025. Govil has been a member of the Management Board of Covestro since August 2019.