Greek company Coral A.E. announced the conclusion of the agreement for its participation in the activities of APIOS d.o.o. in Croatia, acquiring 75% of its shares.
Coral has been operating in the Greek oil market since 1926. The former Shell Hellas A.E. Group was renamed in July 2010 following its acquisition by Motor Oil Hellas S.A. With approximately 700 retail stations operating under the Shell brand in Greece, Coral is the leader in the petroleum market.
Its main activities involve wholesale and retail sales of a wide range of oil products, with customers in the industrial, commercial and shipping sectors.
APIOS d.o.o. was established in 2009 and operates in the retail and wholesale trade of liquid fuels in Croatia. It has 26 gas stations with a market share of approximately 3%.
Upon completion of the agreement, the company will be renamed Coral CROATIA d.o.o.
Under the agreement, Coral has entered into a long-term trademark license agreement with Shell Brands International B.V. for the use of the Shell brand in the Croatian market. This will include the use of the Shell brand in retail stations, but also in the commercial fuels business.
With this acquisition, Coral A.E. further strengthens its position in South-East Europe by operating Shell-branded service stations in the growing Croatian market.
This represents the second large acquisition in the Croatian energy market in just a few days. Last week, it was announced that Slovenian company Petrol has taken over the Crodux Derivati Company.
The deal will allow Petrol to acquire 91 gas stations in Croatia after the deal receives the green light.
In 2019, this Croatian company earned HRK 5.64 billion ($746mn) in sales revenues, while its net profit totalled HRK 143 million ($19mn). There were 1,150 employees on its payroll that year.
As a result of the takeover, Petrol will operate more than 200 gas stations in Croatia, and its share in Croatia’s market will rise from 13% to 23%.
The price of the deal has not been unveiled. /ibna