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Article: BP Boosts German Presence With Veba Deal.(Brief Article)
- Article from:
- The Oil Daily
- Article date:
- July 17, 2001
CopyrightCOPYRIGHT 2001 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BP Boosts German Presence With Veba Deal
Seeking a leg up on rival Royal Dutch/Shell in Germany's huge downstream market, BP announced the acquisition of a controlling interest in the Veba Oel unit of German utility E.ON on Monday. The deal, which would ultimately make BP the top downstream player in Germany, sees BP taking an initial stake of 51% in Veba Oel, which operates Germany's Aral retail network and has interests in five refineries.
In return, E.ON will receive a 51% stake in BP's Gelsenberg subsidiary, which holds the UK company's 25.5% interest in Germany's leading gas distributor Ruhrgas. BP will also pay E.ON $1.63 billion in cash and ...