After ordering the sale of fuel retailer Corbenz last year, Croatia’s anti-trust agency has approved Russia’s Lukoil as the purchaser. AZTN originally ordered the sale after Corbenz’ largest shareholder increased its stake to 47%, making their total interest in Croatia too large in combination with similar holdings.
A small enterprise with only 14 petrol stations total, the INA-owned Corbenz will now become part of Lukoil’s Croatian Lukoil Croatia d.o.o.
Earlier the AZTN rejected a purchase offer made by Croatian Petrol Stations via Progress Trading, an entity owned by Slavia Capital Group. Since Croatian Petrol Stations lacked any current operational businesses in Croatia, regulators were not convinced the company had the knowledge or experience to maintain Corbenz as a viable operation.
The deal is expected to close without any further complications.
August 31, 2010
Central & Eastern Europe, Croatia