MOL rumors fuel bourse trading in Budapest


Approximately 70% of yesterday's Ft 53 billion ($292.7 million) trading volume at the Budapest Stock Exchange involved the shares of oil and gas company MOL.

According to Attila Tapaszi of the Takarékbank, the heightened interest for the energy firm's papers was generated by market rumors that Austrian peer OMV is negotiating a €13.5 billion ($18.3 billion) credit line with Barclays and JP Morgan, a sum it aims to use for continuing its buyout measures targeting the Hungarian company. The Austrians have yet to release an official response to the news. MOL figures were also elevated thanks to the company's continued purchases of its treasury shares.

Market analysts say that if the oil company continues with its defense strategy, it may even contribute to strengthening the national currency, as it would have to convert its cash reserves stored in foreign currencies to forint.

OMV spokesman Thomas Huemer told yesterday that OMV's stance towards MOL has not changed since last week, when the Austrian company announced it had raised it stake in MOL to 18.6% from 10% and called on MOL's management to enter into a “constructive discussion” on the merits of closer co-operation between the two companies. “We remain convinced that a rational approach is better than an emotional one,” Huemer said, touching on the negative reaction by MOL's management and leading Hungarian politicians to OMV's move. (Gazdasági Rádió, Napi Gazdaság,

Moody's Affirms Budapest's 'Baa3' Rating Ratings

Moody's Affirms Budapest's 'Baa3' Rating

Bulgaria's Household Income, Spending Rise 20% in 2023 World

Bulgaria's Household Income, Spending Rise 20% in 2023

Job Fair and Career Prep at Corvinus Starts Tomorrow HR

Job Fair and Career Prep at Corvinus Starts Tomorrow

Spago Budapest Offering Unique Sunday Brunch Experience Food

Spago Budapest Offering Unique Sunday Brunch Experience


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.