By OGJ editors
HOUSTON, Dec. 16 -- Polski Koncern Naftowy Orlen SA (PKN Orlen) signed an agreement to acquire 494 retail outlets in northern and northeastern Germany from BP PLC for 140 million euros cash, which includes assumption of debt for the stations. PKN Orlen is Poland's largest fuel manufacturer and distributor.
BP is selling the stations to meet the German Federal Cartel Office's requirement for the British company's acquisition last year of Germany's Veba Oil AG (OGJ Online, July 16, 2001). GFCO's approval is contingent on BP selling 4% of the combined BP-Aral retail market share of 26%. The outlets being acquired by PKN Orlen equal 2.4% of this total.
PKN Olren said it was buying the stations as part of its strategy "to develop a pan-regional retail network and to take advantage of the opportunities represented by Poland's accession to the European Union in 2004."
The deal is expected to close Feb. 28, at which time the stations will be rebranded with the Orlen name. The company will base its German operations in Hamburg, it said.
PKN Orlen operates the largest retail station networks in Poland, the company said.
