Oil giant BP is to acquire 3,000 petrol stations across Europe after striking a deal today to control Germany's biggest fuel retailer.
The move will see BP take a 51 per cent stake in Veba Oil, which owns Germany's biggest petrol forecourt operator, Aral.
BP will add 2,560 Aral stations to its own 950-strong portfolio in Germany, while gaining another 450 outlets in central Europe, including in Austria, Poland and the Czech Republic.
As part of the deal, Veba's owner, E.ON, will receive 51 per cent of Gelsenberg, which holds BP's 25.5 per cent stake in Ruhrgas, Germany's leading gas distributor.
BP, which has been looking for a buyer for its Ruhrgas stake for some time, will also pay E.ON euro 1.63 billion and assume euro 950 million of debt.
It is expected that BP's petrol interests in Germany will be rebranded under the Aral name. BP runs 30,000 petrol stations worldwide, with 1,100 in Britain.
PA