OMV might launch the public bid for MOL’s shares today, Hungarian daily Népszabadság reported without naming a source. The offer will probably exceed the current share price, the source said.
Our view: This news will surely fuel up the speculations on the market today, which will further increase the takeover premium in MOL’s share price. We believe that possible offer might be in the range of HUF 30,000-HUF 33,000. If the public bid is going to take place today we expect that Hungarian authorities will most probably interfere, which might postpone the bid and give MOL more time to react. As already mentioned previously, we believe that it is not right time for OMV to launch the public bid since it will meet strong opposition from MOL itself and Hungarian government.