Watching the World: Thwarted urge to merge

07/02/2001
Industrial logic-some commixture of synergies and corporate survivalism-would appear to make an open-and-shut case for a full-scale, three-way merger among the leading regional oil and gas companies in central and eastern Europe, namely Poland's PKN Orlen, Hungary's MOL Rt., and Austria's OMV AG. Yet the formula that would fuse this trio together is stuck at the theoretical stage.On paper, this hypothetical combine would, along with Slovakian refiner Slovnaft-in which MOL has a 32% stake-have "far greater geographical reach" and synergies in "pretty much all areas of the business," says Bidzina Bejuashvili, an analyst with European bank Raiffeisen Zentralbank In addition, a ge...
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