MNV to seek permission from EU over Raba public bid

Pharma

The Hungarian National Asset Manager (MNV) will seek permission through a European Commission procedure in connection with its public bid made for the shares of vehicle manufacturer Raba Nyrt, and the request will be submitted in early December, solicitor’s office Siegler Ugyvedi Iroda Weil, Gotshal & Manges said on Wednesday.

Without the Brussels procedure, competition law permission for the transaction should have been sought from the competition authorities of at least four member states, the solicitor’s office said.

MNV announced on November 7 the intention to make a public bid at HUF 815 per share, which the Hungarian Financial Supervisory Authority PSZAF approved on November 8. The subscription period is from November 11 until December 12. The state of Hungary currently holds a 16.15% share of Raba through various funds, companies and organizations.

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