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Competition office greenlights LUKOIL acquisition

Deals

Hungary's economic competition office GVH said yesterday it had approved the planned acquisition of 100% of the shares of LUKOIL Magyarország and of LUKOIL Slovakia, the Hungarian and Slovakian retail businesses of Russian LUKOIL oil company, by Norm Benzinkút of Hungary.

LUKOIL announced early August that it would sell 75 fuel stations in Hungary and 19 stations in Slovakia to Norm Benzinkút. LUKOIL also agreed to sell its 44 Czech fuel stations to Slovnaft, the Slovak unit of Hungarian oil and gas company MOL.

The buyer was set up in March 2014 and has no market activities. It is 50%-50% owned by the Hungarian companies Benczúr and Imfa, both involved in wholesale oil trade. Benczur is a member the Tolkachev group and and Imfa of the Fazakas group.

GVH decided the acquisition will have no impact on competition as Norm's two indirect owners and their groups are operating in different segments of the market than LUKOIL Magyarország, and their products do not complement one another. LUKOIL Magyarország sells fuel and related services almost exclusively to retail constumers, and had annual sales revenue of more than HUF 15 bln in 2013.

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