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MOL dismisses speculation of new OMV buyout offer

MOL dismisses speculation of new OMV buyout offer

21.9.2007 14:16
Autor: KBC/Patria

BUDAPEST (Thomson Financial) - Hungarian oil and gas company MOL (27 125 HUF, 2,75%) has dismissed speculation Austrian peer OMV (50 EUR, 1,50%) has approached the management with a buyout offer, saying in a statement that it had "no information on OMV's new inquiry sent to the company", said MTI-ECONEWS news agency.

Earlier, business news website portfolio.hu reported market rumours that OMV had sent a letter to MOL's management proposing a conditional buyout offer of around 30,000 forints, or 119.6 eur, per share. At 1245 pm, MOL shares were trading at 27,050 forints.

OMV also said it would call an extraordinary shareholders meeting soon, portfolio.hu wrote.
OMV raised its stake in MOL from 10 pct to 18.9 pct in what MOL's management termed a hostile takeover attempt in the summer, but MOL's management started buying up treasury shares to fend off the advance.
A package of legislation giving companies extraordinary powers to thwart hostile takeovers, tailored to MOL's needs, has been submitted to Parliament already, leaving OMV little time before its chances for a possible successful takeover are significantly reduced.

MOL also protested in its statement about advertisements run by OMV in the Hungarian press promoting a cooperation between the two companies.

The ads read "Who could become a leading company in Central and Southeastern Europe? -- MOL, and OMV, together." MOL said "the press campaign, launched this week, and the speculations on the new inquiry can raise the question of prohibited influence on market area."


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