Hungary: MOL regional market expansion enabled with ENI assets take over2. October 2014. / SEE Energy News
The European Commission has cleared under the EU Merger Regulation the acquisition Eni Česká republika sro, Romania SRL and Eni Eni Slovensko, spol.sro by MOL Oil and Gas Plc. Hungary.
According to the document, the Commission concluded that the proposed transaction does not raise competition concerns because the merged entity will continue to be subject to competitive pressure from other market players both upstream, including the major oil companies operating in the European Economic Area (EEA) and downstream from numerous filling stations .
MOL is an integrated company in the field of oil and natural gas, it is active in Hungary and Central Europe in the production and distribution of natural gas, petroleum, fuels and petrochemicals.
Each of the three companies which MOL purchased from ENI sells fuel and other petroleum products in their countries of origin. The transaction results in a number of overlaps between the activities of these companies, both in the wholesale operations and retail.
In Romania, the acquisition represents a benchmark for the performance of MOL Group’s strategy to increase market share. By integrating the 42 new gas stations, MOL Romania will reach a network of 189 units.
Transaction of MOL – Eni, inter alia, wholesale sales operations and undertake the local entities. MOL Group in Czech Republik will be strongly supported by this acquisition: the 125 new gas stations, with 24 brand Slovnaft and PAP Oil 125 stations, will increase market share to over 10% MOL Group. Sales of newly acquired network average almost double the national average.
In Slovakia, MOL Group network will reach 253 units. The 41 new stations will improve integrated media sales and portfolio of products and services for customers.
MOL agreed to acquire its stake in Ceska Rafinerska Eni (CRC); however, Unipetrol, majority shareholder of CRC, has the right of first refusal for the shares CRC.
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