Hungary's MOL, OTP want say in bourse strategy-paper

Deals

Hungary's MOL and OTP have sent a letter to the Austrian investor group controlling the Budapest Stock Exchange (BSE) to seek more influence over the bourse.

The move signals an escalation of tension between Hungarian and Austrian companies, which started last year when Austrian oil group OMV proposed a takeover of Hungary's MOL which the Hungarian firm rejected.

The paper, referring to unnamed Vienna banking sources, said the two Hungarian firms representing three-quarters of the BSE's turnover, were dissatisfied with the development of the bourse and wanted to have a say in forming its long-term strategy.

The paper said the minority owners of the BSE, which include MOL and OTP, were unhappy that the Austrian group does not plan to discuss the issue of listing the BSE's shares on the Budapest bourse at its upcoming annual meeting.

The Austrian investors -- UniCredit Bank, Erste Bank, Raiffeisen Bank, Oesterreischische Kontrollbank and the Vienna stock exchange - have an almost 70% stake in the BSE.

MOL officials told the daily Világgazdaság that the Austrian group had not replied to the letter which was sent early this month.

“This attitude is very similar to what OMV started against MOL, that is blocking the regional competitor,” MOL Managing Director Zoltán Áldott was quoted by the paper as saying.

MOL and OTP officials were not immediately available for comment. (Reuters)

ADVERTISEMENT

17% of homeowners plan renovations this year Analysis

17% of homeowners plan renovations this year

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.