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. Last Updated: 07/27/2016

Veba Raises Aral Stake

FRANKFURT, Germany -- German utility Veba AG is increasing its stake in Aral, Germany's largest petrol station chain, to 99 percent from 56 percent to prepare its oil business for European expansion.

Veba said Monday that its Veba Ol AG unit had bought a 28 percent stake in Aral from Exxon Mobil Corp. and 15 percent from BASF AG's Wintershall unit.

It did not disclose a purchase price but said its payment was significantly below the 4 billion Deutsche mark ($2.09 billion) sum one newspaper had reported.

"It gives us strong and profitable growth, clear market leadership in Germany and significantly more earnings potential, partly through synergies," Veba Ol chief executive Wilhelm Bonse-Geuking said.