FRANKFURT (Dow Jones) – The BayWa AG acquires a majority stake in the consortium Austria’s OMV oil traders heat VertriebsgmbH. The previous sole owner OMV Refining & Marketing GmbH pull back on a financial investment of 11%. (Photo: BayWa)
The conglomerate said the Munich on Friday. The consortium acquire 89% stake in the company. Led there by the BayWa’s majority-owned RWA Raiffeisen Ware Austria AG. Financial details not mentioned BayWa. The transaction is subject to regulatory approval.
The acquisition of the OMV company is part of the growth strategy of the BayWa in its core segments. In the future the company wants with the acquisition of petroleum dealers in the energy sector continue to grow. OMV heat VertriebsgmbH supplied with 42 employees in six locations Austrian customers with particularly heating oil. With the operation of the consortium acquired OMV VertriebsgmbH heat generated in 2010 a turnover of around 380 million eur.