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OMV requests clearance for MOL takeover

Austrian oil giant OMV turned to the European Commission (EC) to request permission for purchasing the shares of Hungarian oil and gas MOL Nyrt.

OMV would be ready to pay as much as Ft 32,000 for MOL’s shares/piece, but competition law specialists say the deal may take years. The first EC statement of the case is expected within 25-35 working days, but if a second screening is necessary, it may take another 90-105. The EC will check what consequences the purchase may have and whether consumers could be hit badly by a price rise afterwards. MOL said they welcome a thorough investigation to find out the consequences of the move, which the firm said would inhibit competition in the region. (Napi Gazdaság)