OMV files suit in MOL takeover bid

Initiatives

Austrian oil producer OMV sued Hungarian oil and gas company MOL Nyrt to force it to drop measures that are hampering the proposed takeover.

The lawsuit increases pressure on MOL to discuss a merger with OMV. The Austrian counterpart argues that some of MOL’s articles of operation violate Hungarian law in at least three points: keeping the so called “golden shares” owned by the Hungarian state, which allows veto rights for the state regarding the cancellation of the 10% voting cap; the discrimination this 10% cap means for not being valid for the state, and the fact that only some limited number of board members can be withdrawn at a time. OMV plans to continue talks with MOL over a potential $20 billion takeover. OMV’s bid is subject to a 10% voting rights cap being removed by MOL and a 40% stake by board members and friendly institutions being cancelled. (Gazdasági Rádió)

ADVERTISEMENT

Almost half of Hungarians get fringe benefits, survey shows Analysis

Almost half of Hungarians get fringe benefits, survey shows

19,000 young jobseekers hired in expanded subsidy program Government

19,000 young jobseekers hired in expanded subsidy program

Healthcare Roadshow Highlights Innovation, Screening Awarene... Interview

Healthcare Roadshow Highlights Innovation, Screening Awarene...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.