Mol gets option to buy 10% of its shares from gov't
"The option agreement ensures appropriate financial flexibility for the execution of Mol's growth strategy," Chairman Zsolt Hernádi said in an e-mailed statement. It "provides the company with stability to implement its long-term strategy and reduces the risk resulting from marketing the significant share package."
Hungary will retain a right to veto any sale by Mol of its shares to an industry buyer through 2015, the government said. The government most recently sold Mol stock in February 2004, raising $360 million by selling a 10.9% stake to investment funds.
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