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Neste, Statoil chains not to merge in Baltics

Nov 25, 1999

TALLINN(BNS) - Finland's Fortum and Norway's Statoil have decided to discontinue plans to merge the Neste and Statoil service stations' chains in the Baltic countries, Statoil said on Nov. 18. Statoil reported that talks for transfer of the two companies' service station operations in Russia, the Baltic states and Poland to a joint venture company have been discontinued. "Following six months of negotiations, both parties have concluded that insufficient preconditions and synergies have been ach ...

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