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Gov't in talks to buy Surgutneftegas stake in MOL for €1.6 bln

Russia's Surgutneftegas offered to sell Hungary's previous government a 21.2% stake in oil and gas company MOL for €1.5 billion (HUF 419 billion), and it is in talks with the country's new government on selling the stake for €1.6 billion, business daily Napi Gazdaság reported on Friday, without naming its sources.

The €1.6 billion offer works out to about HUF 20,188 per share, the paper calculated. The share traded at HUF 17,700 early in the afternoon on Friday.

Surgutneftegas acquired a 21.1% stake in MOL from Austrian peer OMV for €1.4 billion in March 2009. MOL's management called the deal unfriendly and Hungary's president expressed concern about the transaction.

At MOL's AGM at the end of April, CEO Zsolt Hernadi declined to comment when asked what MOL would say if the Hungarian state were to buy the Surgutneftegas stake.

The government would finance the purchase through issuing additional government bonds, the unidentified source told the daily. (MTI-Econews)