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Budapest High Court upholds rejection of Surgutneftegas claim against MOL

Surgutneftegas acquired a 21.1% stake in MOL from Austrian peer OMV for €1.4 billion in March 2009, though MOL, which characterized the transaction as unfriendly, did not include the Russian company in the MOL share registry before the company's April 2009 AGM.

Surgutneftegas could not vote at MOL's AGM in April 2010 because Hungarian financial market watchdog PSzÁF did not close an investigation of its acquisition of the MOL shares in time for the Russian company to be included in the share registry, Econews reported earlier. Surgutneftegas could not vote at the AGM a year earlier either because the Hungarian Energy Office had not yet acknowledged the MOL share purchase. (MTI – Econews)