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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10% cap means for not being valid for the state, and the fact that only some limited number of board members can be withdrawn at a time.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)

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