Mol joins $10 billion club
Tuesday, March 8, 2005, 12:55
With today?s new record quotes of Ft 16,700-Ft 16,750 at the Budapest Stock Exchange (BÉT), the market capitalization of Hungarian oil and gas company surpassed the $10 billion mark, business news portal portfolio.hu reported. Mol, which is pursuing an ambitious expansion strategy in the region, has come close to the market capitalization of Austria?s OMV, a major rival in regional acquisitions with just over $10 billion. The market capitalization of Polish oil company PKN Orlen, still a potential strategic partner or another competitor from Mol?s point of view, is approximately $7 billion. OTP Bank Rt was the first Hungarian company to pass the $10 billion capitalization, which is the minimum requirement for a stock to be considered a blue chip in the international financial market, portfolio.hu noted.