Sanoil has now firmed up its plans to take over a petroleum company with nearly 200 service stations in several locations in Turkey. Lusso Petrol AS, which operates service station branches under the “sintcom” and “iloil” brands, has presented remarkable growth figures in recent years. From 2020 to 2021, its revenues more than doubled. In the third quarter, revenues amounted to 1.44 billion Turkish liras. Lusso Petrol AS is the wholly owned subsidiary of Swiss International Commodity AG (SIC AG), a Swiss company based in Zug. With the strength of European capital behind it and a modern brand concept, the company has been able to establish and assert itself on the Turkish fuel market.
Sanoil has now sent a letter of intent to Swiss International Commodity AG, offering it 2.70 – 3.10 Swiss francs for its shares. A condition of this would be the sale of at least 95% of the company’s shares. This offer was also addressed to minority shareholders, who hold a certain minimum number of shares. SIC AG has not yet made any commitment; it first wants to consult with its shareholders in this regard. In addition, it is awaiting the revaluation of Lusso Petrol AS, which in view of its growth is considered to be more valuable than according to the current valuation. With the takeover, Sanoil would be able to strategically improve its own market situation, increase its market shares and also benefit from the know-how of the Swiss parent company. It remains to be seen how the shareholders of Swiss International Commodity AG will decide.