Rahimkulov family has raised its ownership in MOL from 5.23% to 5.85% through stock exchange transactions that took place Monday and last Friday. Rahimkulov announced in recent weeks that he plans to boost his stake in MOL to around 10%.
Our view: We believe Rahimkulov is a financial investor who collects a bigger stake in MOL in order to sell it to a strategic owner. Aggressive buying of Mr Rahimkulov, however, can boost speculation on the market that a deal might be close. Please also note that MOL has enough free cash to buy own shares on the market and place them to a white knight to defend itself. Would the company also start buying own shares we might see a bidding war, which could be highly supportive for the share price.