OMV appoints Deutsche Bank to handle R&M divestment that includes Croatian ops.

By bne IntelliNews January 16, 2012
OMV said it has appointed Deutsche Bank to handle the structuring and implementation of its divestment program in the Refining and Marketing (R&M) business segment. The bank will start discussions with prospective buyers in the coming months, OMV said in a statement. OMV has said it plans to sell its Croatian and Bosnian subsidiaries, as well as a 45% stake in its Bayernoil refinery network. OMV will continue focusing the refining business on refineries with integrated petrochemicals or upstream operations, the statement said. Since Bayernoil does not have an integrated petrochemicals operation, OMV has decided to exit it. Its strategy aims to sharpen and simplify the company portfolio, which includes gradually shifting the portfolio away from R&M towards exploration and production and gas and power. OMVs Turkish subsidiary, OMV Petrol Ofisi, already sold its 52% stake in the Cypriot retail company Kibris Turk Petrolleri Limited Sirketi at the end of November 2011. In December 2011, OMV said it is considering the sale of its subsidiaries in Croatia and Bosnia, OMV Hrvatska and OMV BH. Croatia and Bosnia-Herzegovina do not fit optimally into the OMV supply chain therefore now options for selling these two subsidiaries are under examination, the company has said. It added back then talks with interested investors would start in the next few months as OMV assumed the buyers would continue to operate the companies on the same scale as before. OMV launched its retail and commercial business in Croatia in 1992. OMV Hrvatska has 63 filling stations across the country, accounting for a market share of around 13%.

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