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Tuesday, November 09, 2004

Austria's OMV Cleared to Acquire Romania's Petrom

Romania's Competition Council approved Austrian oil and gas company OMV's planned acquisition of 51 per cent of state-owned oil company Petrom.

Romania's competition authority said it authorized Austrian oil group OMV to acquire state-owned SNP Petrom after OMV agreed to sell its 25.1 pct stake in Rompetrol, Romania's second largest oil company, which it acquired in Sept 2002.

Government officials said OMV should sell its stake in Rompetrol to avoid becoming a monopoly in the country after it signed a 1.5 billion Euro deal in July to buy a majority stake in oil and gas producer Petrom.

"OMV filed a note to the Competition Council on August 23 this year, asking the control body to investigate the effects of the economic concentration subsequent to Petrom's takeover," Competition Council officials said.

Posted by Iulia Rasoiu : 11/09/2004 10:08:00 am