January 20 (SeeNews) - Greek motor fuel distributor Coral A.E. has signed an agreement to buy a 75% stake in Croatian peer Apios d.o.o., the Zagreb-based company said on Wednesday.
Coral has also entered into a long-term trademark license agreement with Shell Brands International B.V. to use the Shell brand at fuel retail stations in Croatia, Apios said in a statement.
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Apios will be renamed to Coral Croatia d.o.o. following the finalisation of the transaction, whose value was not disclosed in the statement.
Set up in 2009, Apios is active in the retail and wholesale trade in liquid fuels in Croatia. It operates 26 filling stations and has a market share of approximately 3%.
In Greece, Coral owns about 700 filling stations, distributing petrol, fuel oil, diesel and lubricants. Coral is owned by Greek petroleum refining company Motor Oil Hellas S.A.