OMV Buys Partners' Shares in EconGas, Bets on Downstream

OMV (64.25%), EVN (16.51%), Wien Energie (16.51%) and Energie Burgenland (2.73%), agreed to change the shareholder structure of EconGas GmbH. The Austrian company led by Rainer Seele will buy all the shares currently held by its partners. 

'The main pillars are OMV´s takeover of shares held by EVN, Wien Energie and Energie Burgenland, representing a total stake of 35.75% in EconGas, and the continuation of the existing client relationships with EVN, Wien Energie and Energie Burgenland. A contractually binding agreement is set to be concluded by the end of the year' reads a note released on Friday. 

OMV reported that the transaction is subject to approval by the supervisory boards of the respective companies and the antitrust authorities.

"The planned takeover is another step in the restructuring of OMV Group’s natural gas business. We expect that this will yield a significant increase in the efficiency of our natural gas trading business" OMV Executive Board member Manfred Leitner, responsible for Downstream.

EconGas is the joint gas trading subsidiary specialised in direct natural gas sales to European business clients, European distributors and in trading natural gas on international hubs, mainly in Austria.