OMV decides to exit TÜPRAŞ auction
Posted: 19 September 2005
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“Our offer was in line with our policy of only making acquisitions that ensure value creation and profitable growth. The amount emerging from the auction did not fulfill this requirement,” said OMV’s CEO, Wolfgang Ruttenstorfer.
“We took this decision out of a position of strength, and we are comfortable with the decision that has been made. Tupras was an option worth considering, but certainly not a ‘must have.’” Ruttenstorfer continued.
As the clear No. 1 in the growth region of Central Europe , with international E& P assets and a high degree of integration between its own production and refining capacities, OMV already has a definite competitive advantage over its competitors in the region.
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