OMV seeks €13.5 bln credit from JP Morgan, Barclays for MOL purchase
OMV AG is in talks with JP Morgan and Barclays on arranging a credit line of €13.5 billion, enough for the Austrian oil and gas company to finance a take over of Hungary's MOL Nyrt, according to “insiders” cited in a report in the Austrian daily Österreich.
OMV AG said in a statement that it had almost doubled its stake in MOL to 18.6%, sending MOL Nyrt more than 5% higher and boosting shares in oil companies in neighbouring Poland. OMV spokesman Thomas Huemer told Thomson Financial News that the company's standing policy is not to comment on existing or possible credit lines.
Huemer said 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. (sharewatch.com; forbes.com)
ADVERTISEMENT
ÁKK Cutting Premiums on PMÁP
Parl't Approves Amendments to Legislation on Judiciary
CultTech Looking to Empower Culture With Tech at ViennaUP
Accommodation Fully Booked Over Pentecost Weekend
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.
