Re-nationalizing MOL is a “bad idea”

Deals

In Hungary, every investor has to observe the rules of the capital market, the norms of the law, and the EU requirements on competition, reacted the Hungarian Economy and Transport Minister to the statement of his Austrian colleague that advises the Hungarian government to re-nationalize MOL. MOL Nyrt cleared to acquire Tifon.

It is strange that a hostile take-over may happen with the political assistance of an EU member state’s government, added János Kóka. Private-owned MOL is more effective in its current state than state-influenced OMV, and Hungary is not interested in a regional oil- and gas monopoly, we are for a competition on fair field, explained the Hungarian minister.

The Croatian competition authority approved Hungarian MOL, to take over the 100% share portfolio of Croatian petrol wholesale and retail distributor Tifon. Following months of negotiation, the acquisition will be completed by the end of October. Through the acquisition, MOL will grasp a 7% share of the Croatian market. Tifon operates 36 favorably located stations, with over 4.2 million liters in annual sales. Mol also owns a 25% portfolio in leading Croatian energy firm INA. (Gazdasági Rádió) 

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