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CMS Helps MOL Fill Up

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CMS has provided legal advice to the Hungarian MOL Group on its sale-purchase agreement with the Rome-based Eni oil and gas company for Eni's downstream businesses in the Czech Republic, Slovakia, and Romania, including a retail network currently under the Agip brand.

The MOL Group’s retail network now extends to almost 2,000 service stations across 11 countries.  The acquisition is perhaps particularly significant in the Czech Republic, where the MOL Group adds 124 new service stations to its existing 125, which -- along with Slovnaft’s 24 and PAP Oil’s 125 stations -- provided the Group a retail market share exceeding 10%. In Slovakia, the newly-acquired 41 service stations increase the total network size to 253 stations. The Czech daily Hospodarske Noviny has reported that the payment for the petrol stations will be the transfer of MOL-owned Mantova refinery to ENI, though MOL has not confirmed this. 

In Romania, the acquisition is a major step for MOL Group in achieving its strategic plan to increase its market share. As a result of integrating the 42 acquired service stations, MOL Romania will reach a network of 189 units, placed in high traffic and premium locations.

MOL has also agreed to purchase Eni’s stake in Ceska Rafinerska (CRC); however, Unipetrol -- the majority owner of CRC -- possesses a pre-emption right connected to the sale of the CRC shares.

Completion of the deal is subject to the fulfillment of certain pre-conditions, including obtaining of the necessary antitrust clearances.

“This acquisition is a milestone in our retail growth strategy in CEE. The average throughput of the acquired service stations is in the top three among branded players in the Czech fuel retail market. Moreover, MOL Group becomes the second largest retail player in terms of network share on the Czech market. The group significantly increases its retail coverage in Romania and makes a great step to further enhance Slovnaft’s brand perception in Slovakia.” – said Lars Hoglund, Senior Vice President of MOL Group Retail.

 

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