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Motor Oil Acquires Shell Hellas

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Motor Oil will acquire the majority of Shells activities in Greece in a 219.1 mil euro deal, an official announcement said Thursday.

This includes:
 
- distribution and sales of fuels through its branded retail network of about 700 service stations which will remain under the Shell brand name for at least 5 years,

- owned storage depots of 137,000 c.m. total capacity (Kalohori, Amfilohia, Perama, Chania, Alexandroupoli, Rhodes),

- lubricants blending operations in its plant in Perama,

- chemicals storage & distribution business,

- 49% of aviation activity.

As stated, the transfer of the afore-mentioned activities will be accomplished via the acquisition of 100% of Shell Hellas shares, a company which following the completion of its reorganization currently taking place, will incorporate them while the remaining 51% of the aviation will remain under the control of Shell Overseas Holdings.
 
In addition Motor Oil will also acquire Shell Gas for 26.5 mil. euro.
 
The above mentioned agreements are subject to approval by the relevant authorities and the competent competition authorities, the announcement said.

Petropoulos Gets Shells Hellas Lubricants Businesses

Meanwhile, Petros Petropoulos AEBE also said Thursday it has signed an agreement with Shell pursuant to which it will become the macro distributor of Shell branded lubricants throughout Greece.

As part of the deal, the company will acquire Shell Hellas current Greek Lubricants sales and marketing, local Marine and Aviation lubricants businesses. It will also become Shell Marine Products(SMP) delivery service provider for SMPs international customers calling in Greece, in a deal estimated at a total of 14 mil. euro.

The transaction is subject to Greek competition authority clearance and will be financed by a combination of equity and debt, an announcement said

"We are very pleased by this development, which fits harmoniously with our strategy of forming long term alliances with world leaders in the automotive and industrial products industries. Shell is one of the most recognized brands globally, a leader in lubricants and one of the greatest companies in the world. This new activity is expected to increase our total annual sales by 35-40% in the near term, with further growth in the coming years," Managing Director of Petros Petropoulos AEBE, John Petropoulos commented.
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