OMV prefers “friendly combination”


Austrian oil company OMV aims to establish amicable business relations with Hungarian peer MOL, in order to “combine” the two companies, said the Austrians’ CEO, Wolfgang Ruttenstorfer at a press discussion in Budapest.

The exec envisioned a geminated corporation, with centers in both Vienna and Budapest, so that they can withstand the adversities of global energy market consolidation. While OMV has not given up on establishing formal links with MOL, a public offer is not on the agenda, as OMV is not pressed by either time or its shareholders, Ruttenstorfer said. OMV’s persistence in the matter is dictated by the laws of a consolidating global energy environment, which necessitates mergers of the kind. If not OMV, others will also make similar attempts Ruttenstorfer added. He emphasized that the antagonistic attitude that developed towards OMV as a response to the events is based on emotional factors, rather than reason.

According to a strategic study prepared by MOL Nyrt, merging with Austrian peer OMV would actually strengthen the positions of Russian players on the CEE markets, opposed to consolidating the sector through the aggregated strength of the two companies. There are no specifics as to how OMV would restructure MOL after the conclusion of the potential fusion, the Dow Jones news agency reported citing the document. However, the arms likely to be severed include Slovakian subsidiary Slovnaft, or the refinery in Százhalombatta, (Hungary) each of which would most likely be bought by Russian competitors, LUKoil, Gazprom, or Rosneft. (Gazdasági Rádió, Magyar Hirlap)



Sharp Rise in Energy Costs Putting Strain on Competitiveness Analysis

Sharp Rise in Energy Costs Putting Strain on Competitiveness

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim... City

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim...


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.