Hungary's MOL Agrees to Acquire Eni's Romanian Subsidiary

Hungarian oil and gas company MOL said on Wednesday it has agreed to buy Eni Group's subsidiaries in Romania, the Czech Republic and Slovakia, including 208 service stations.

"MOL Plc. hereby informs the capital markets participants that as of today MOL signed a set of agreements with eni relating to the acquisition of three eni subsidiaries including primarily their 208 Agip branded service stations and wholesale activities in the Czech Republic, Slovakia and Romania," the company said in a statement filed with the Budapest Stock Exchange.

In Romania the MOL Group significantly expanded the local network organically in the previous years. As a consequence of the current deal, 42 filling stations will be added to the existing network and the total Romanian network will reach 189 service stations with more than 12% retail market share.

The investment is fully in line with MOL Group’s strategy to extend its presence and increase significantly the retail market share within the supply radius of its core refineries, the company said.

The new service stations will extend MOL's captive market as well as improve the company's ability to reach end users. By the integration of these networks MOL realizes pronounced wholesale and retail synergies and cost optimisation.

The current transaction also includes the acquisition of Eni’s wholesale businesses and headquarters with employees in the three countries.

Closing of the transaction is subject to the fulfillment of certain condition precedents, among others to obtaining an anti-monopoly clearance.

Source: SeeNews