Ljubljana, 19 September (STA) - Energy company Petrol has agreed to acquire 49% of Croatian petrol retailer and wholesaler Euro-Petrol that it does not already own for an undisclosed sum. Pending the fulfilment of suspension conditions, Petrol will become the sole owner of Euro-Petrol in the spring, the company said Monday.
Petrol, which acquired a 51% stake in Euro-Petrol in February 2008, will purchase the outstanding stake from Jozo Kalem, the founder and chairman of Euro-Petrol.
Euro-Petrol operates 50 service stations in Croatia and posted a net profit of EUR 5.2m for 2010 on sales of EUR 271.7m.
Croatia is Petrol's biggest foreign market and the acquisition is in line with the company's strategy until 2014.
Petrol CEO Tomaz Berlocnik labelled it an "important strategic move towards consolidation of the group's business on its second most important market, allowing us to appear on the Croatian market with a single brand, and to continue...to successfully implement our strategy".