Veba Oel increases stake in Aral to 99 %

Dec 06, 1999 01:00 AM

Mobil Oil AG, Hamburg, and Wintershall AG, Kassel, have agreed to transfer their respective 28 % and 15 % stakes in Germany's leading gasoline station company, Aral, to Veba Oel AG, Gelsenkirchen. Veba Oel will thus increase its stake in Aral from 56 % to 99 % at the turn of the year and become sole determining shareholder in the company.
In addition, Veba Oel will acquire Wintershall's refinery in Lingen. Financial terms of the sale were not disclosed. The agreement signed by Mobil, Wintershall and Veba Oel is subject to approval by the respective supervisory boards and by the German Cartel Office.

Source: Communications LTD via Newspage
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