ELPE completes 100pct absorption of subsidiary Petrola

The Athens-listed Hellenic Petroleum S.A. (ELPE) on Mnday announced completion of its merger with Hellenic Petroleum Company-Petrola S.A. through absorption of 100 percent of its wholly-owned subsidiary Petrola.
 The merger had been approved by the regional development, competitiveness and shipping ministry, recorded in the Athens Prefectural records on July 4, 2011, and was effected in accordance with the provisions of Article 68, paragraphs 2 and 68-78 of Law 2190/1920 in cnjunction with the provisions of articles 1-5 of Law 2166/1993.
ELPE controls three of the country's four refineries -- in Aspropyrgos, Elefsina and Thessaloniki -- and more than 60 percent of the market.
Under the existing legislative provisions, the absorption of 100 percent of subsidiary companies did not require the convening of the general assemblies of shareholders of the merging companies as no change was effected to the share capital of ELPE, and therefore no issue of new shares was required.

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