PKN expands

Alan Heath
12-12-2002, 00:00

PKN Orlen has paid British Petroleum EUR140m for 494 petrol stations in Germany. Negotiations were under way for many weeks but now the deal is as good as done and should be finally closed next year.

Jacek Strzelecki, the PKN director responsible for economic and financial matters said that he expected a return on this investment within seven year.

It is believed that Orlen was able to negotiate a price much less than what is considered to be the true value of the stations.

British Petroleum found itself being too successful in Germany for the pleasure of the antimonopoly office in our western neighbour who ordered it to reduce its market share by four percent to 22 percent.

The original asking price was USD350m but with its hands tied, the British company had little choice.

It was clearly an excellent opportunity for the Płock based refinery but it is going to have to continue spending to bring the brand in line with its own.

However it does make the company an even stronger player than ever before on the regional market as consolidation draws ever closer.

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Podpis: Alan Heath


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