Austria’s OMV in talks to buy Turkey’s Petrol Ofisi

FRANKFURT (BestGrowthStock) – Austrian energy group OMV (OMVV.VI: ) is in talks to buy Dogan Holding’s (DOHOL.IS: ) 54.17 percent stake in Turkey’s Petrol Ofisi (PTOFS.IS: ) in a move that would give it virtually complete control over the company.

“Prior negotiations between OMV and Dogan Holding which had been terminated in November 2009 serve as basis for the negotiations,” said OMV in a statement on Wednesday published after the close of European stock markets.

Petrol Ofisi is Turkey’s leading refined oil products marketing company, active both in retail and commercial business.

OMV said it entered the Turkish market in 2006 by acquiring 34 percent of Petrol Ofisi, before increasing its stake to 41.58 percent in later years.

It said Dogan Holding owns another 54.17 percent.

According to Thomson Reuters data, Petrol Ofisi has a total market cap of 3.61 billion Turkish lira ($2.52 billion), putting the value of Dogan Holding’s stake at roughly 1 billion euros ($1.38 billion).

OMV shares closed down 0.8 percent at 28.44 euros on Wednesday. Dogan Holding finished the session flat at 1.05 Turkish lira while Petrol Ofisi ended unchanged at 6.25 lira.

(Reporting by Christiaan Hetzner; Editing by Phil Berlowitz)

Austria’s OMV in talks to buy Turkey’s Petrol Ofisi