By OGJ editors
HOUSTON, Oct. 10 -- Austrian oil and gas company OMV AG reported last month that it had backed away from a binding offer to acquire a 51% stake in the Turkish refining company Turkiye Petrol Rafinerileri Anonim Sirke (Tupras).
OMV had made its bid Sept. 2 after Repsol YPF SA decided not to make an offer for the stake after analyzing Tupras's assets.
"Our offer was in line with our policy of only making acquisitions that ensure value creation and profitable growth," said OMV CEO Wolfgang Ruttenstorfer. "The amount emerging from the auction did not fulfill this requirement. Tupras was an option worth considering, but certainly not a 'must have.'"
