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GVH proposes Mol sale to E.On

The competition Office (GVH) has suggested selling Mol Rt's gas sector to German company E.On Ruhrgas on condition the new owner allows access to gas produced in Hungary. This is according to GVH president Zoltán Nagy's comments at the session of the Parliament's economic committee and these were the proposals GVH sent to the competition authority of the European Commission. Though the option rights for the Natural Gas Transporting Rt shares were outside the scope of current investigation, GVH proposes EC to examine the contract on this option and stipulate renouncing it as condition. Mol has a two-year option for selling 75% minus 1 shares of the gas pipe network worth Euro 1.25 billion. After the news was released Mol shares dropped 2% at the Budapest Stock Exchange (BÉT). Investors are concerned because renouncing the option right would deprive Mol of substantial revenue. (NG 1, 11) K.H.