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Hellenic Petroleum (EL.PE) on Tuesday unveiled details of a merger plan with Petrola, under which Hellenic Petroleum will absorb all of Petrola's assets.

Hellenic Petroleum owns 100 pct of Petrola's shares, worth 1,637,830 euros, or 1,364,859 common shares of a nominal value of 1.20 euros each.

Under the terms of the deal, Hellenic Petroleum will not proceed with a share capital increase plan.