MOL, OTP extend share swap agreement to 2022
Hungarian oil and gas company MOL and OTP Bank have extended a share swap agreement initially concluded in 2009 until 2022, the parties disclosed after the market closed on Wednesday, Hungarian news agency MTI reported.
Under the swap agreement, MOL exchanged 5,010,501 of its series "A" shares for 24,000,000 OTP ordinary shares on April 16, 2009. The agreement was extended on July 11, 2012. The latest extension runs to July 11, 2022, until which time either party can initiate cash or physical settlement of the transaction.
The MOL and OTP shares account for 4.9% and 8.6%, respectively, of each companyʼs share capital.
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