TUI sells Preussag Energie's international operations to OMV
| Service |
Hanover, January 22, 2003
TUI AG sells the international operations of Preussag Energie GmbH, Lingen, to the Austrian OMV with effect from January 1, 2003. The transaction still requires the approval of the TUI AG supervisory board and is subject to permission of the antitrust authorities. The sales price is around Euro 300 million.
Preussag Energie is active in exploration and production of oil and gas on a global basis. In 2001, the company generated total sales of around Euro 540 million, the headcount was about 700 employees. Crude oil production was 3.3 million tonnes and production of natural gas was 1.2 billion cubic metres.
Following the sale of Preussag Energie's domestic business to Gaz de France by TUI AG in December 2002, the disposal of the international operations almost completes TUI´s previously announced withdrawl from the energy business.
Dr Michael Frenzel, CEO of TUI AG: "With the successful and rapid sale of the Energy division, we did another significant step in our divestment strategy."
Preussag Energie's international business now sold to OMV includes exploration blocks and oil fields in South America, the Middle East and New Zealand. At a consolidated turnover of Euro 7.7 billion in 2001 and approx. 5700 employees, OMV is one of the largest publicly quoted companies in Austria. As a leading oil and gas company in Central and Eastern Europe, the OMV Group is active in refining and marketing in twelve Central and Eastern European countries and is engaged in international exploration and production activities in 13 countries.
For further information please contact:
Björn Beroleit, phone +49 511 566-1310
Nicola Gehrt, phone +49 511 566-1435