The boards of directors of Greece’s two largest petroleum companies, state-controlled Hellenic Petroleum (ELPE) and smaller private rival Petrola, yesterday approved their draft merger scheme announced last Friday. The terms of the deal, which includes the possibility of Petrola assuming the management of the merged company after five years, will not be finalized before valuators carry out an assessment of the proposed swap ratio of the two companies’ shares. When questioned, Development Minister Akis Tsochadzopoulos dismissed suggestions that the government intended relinquish the management of the company, arguing that the present mode has been successful and that a majority of shares required for such a change was unlikely to emerge. “Our target is a public competitive enterprise, without the characteristics of a traditional state enterprise,” he said. Contrary to ELPE trade unionists, their Petrola colleagues yesterday welcomed the plan saying it was in line with international trends. The two companies today are expected to notify the Athens bourse of the mergee decision.