Reuters reported that Austrian oil and gas group OMV is looking at ways to raise money after its EUR 1 billion takeover of Turkish company Petrol Ofisi pushed its debt to equity ratio above a target level.

OMV, the biggest energy group operating in emerging Europe said that we continue to examine a range of options to strengthen the balance sheet following this substantial investment.

OMV had said in December it would decide on its long term refinancing in the H1 of 2011. Its shares were down 2.1% by 8.50am GMT.

A trader said that uncertainty about refinancing was pressuring the stock. The trading statement was okay, the margin was good. But some are a bit disappointed that there were not any comments about the refinancing.

(Sourced from Reuters)