MOL yesterday executed its call option and bought 10,898,525 series A ordinary shares from the state treasury. The purchase price was the weighted average stock exchange price of MOL shares for 90 trading days prior to 8 May 2006, equaling HUF 21,760. Following the transaction, the government stake in MOL has fallen from 11.74% to 1.93%. The deal came as no surprise to the market since it was already announced three weeks ago, and yesterday the parties only executed it. We maintain our Buy rating on MOL with a price target of 29,412.