EU to rule on OMV/MOL merger after summer recess
The European Commission will make a ruling on the proposed merger of Austria's OMV and Hungary's MOL after its summer recess, Competition Commissioner Neelie Kroes.
“We got lots of information, we asked for lots of information, and hopefully we can be ready for a final position after the summer break,” Kroes said.
The Commission restarted its in-depth review of the proposed merger in early June and set a September 18 deadline for the review.
OMV, which holds 20% of MOL and wants to take over the company, initiated the review.
The Hungarian company has resisted the bid, which valued MOL at $20.7 billion, not including debt, and argued that it would virtually eliminate competition in Hungary, Slovakia and large parts of Austria, Poland and Romania. (Reuters)
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