MOL closes grand acquisition in Slovenia

Hungary’s MOL Group announced on Friday the close of the acquisition of Slovenian peer OMV Slovenija, becoming the second biggest oil and gas company in the country in cooperation with Croatia’s INA.

MOL said in a statement it had acquired together with INA a 92.25 stake in OMV Slovenija for 301 million euros. The acquisition temporarily expands MOL’s network in Slovenia by more than 170 filling stations, the company said. Under an agreement between MOL and INA, the Croatian firm will raise its stake in OMV Slovenija from 7.75 percent to 33 percent, with 27 filling stations to operate under the INA brand.

As a vertically integrated regional supplier, MOL operates a different business model to its competitors on the Slovenian market, putting it in a favourable position when it comes to competing in pricing, the company said. At the same time, it allows for the development of further quality products and MOL-EVO fuels, it added. In March, MOL agreed to sell 39 of its petrol stations in Slovenia to Shell to win European Commission approval of the acquisition.