Unicredit increases voting rights in MOL to 5.15%

Initiatives

Unicredit S.p.A increased its indirect voting rights in Hungarian oil and gas company MOL to 5.15% on February 13, MOL said on Friday. Unicredit purchased 1.3 million MOL shares from the latter's treasury stock under an agreement made on January 28. 

The transaction reduced MOL's directly and indirectly-owned treasury stock to 1,542,147 A-Series shares and 578 C-Series Ordinary shares. MOL and Unicredit also entered into share-option agreements on January 28, according to MOL.

Under the finalized share-option agreement, MOL holds American call options and UniCredit holds European put options on a total of 5,380,496 MOL shares (4,080,496 shares plus the just-purchased 1,300,000) as of February 13. The strike price of both the call and put options is $43.17544 per share.

The January 28 announcement showed that both the call and the put options will expire in one year from February 13, and they can be extended yearly for a total of three years. MOL's largest shareholder is the State of Hungary, holding 24.74% of the shares, followed by the Czech energy company CEZ (7.35%), OmanOil (Budapest) (7.00%), OTP Bank (5.88%) and Magnolia Finance (5.75%) according data from the end of last September.

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