Mol plans acquisition besides organic growth
Thursday, September 22, 2005, 11:29
The price of Mol shares surged to 4 times of their value during the past 6 years, the company plays a decisive role in three countries, its bourse capitalization exceeds Euro 10 bln, president-CEO Zsolt Hernádi said in an interview with business daily Napi Gazdaság. Oil companies to be sold abound in the South-East European region. He listed Hellenic Petrol, NIS, PKN and INA (25% of the latter is owned by Mol). Acquisition will be attempted by the company whenever it means added value, but it is only an additional opportunity beside organic growth, he added. As for OMV, it is only the Romanian oil company Petrom that makes OMV bigger than Mol. If the Austrian government should decide on a full privatization of OMV, Mol will definitely start negotiations both with the government and with OMV head Ruttensdorfer. Regarding the E.On deal, Hernádi said Mol is not able to create synergies with gas as opposed to E.On, which makes the deal a useful move.