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OMV to take further takeover steps

The owner of MOL Zrt’s largest share portfolio (20.2%), Austrian oil company OMV intends to come up with recommendations in order to create an extended influence against the board of directors, according to its annual report.

OMV will reveal these recommendations on MOL’s general meeting to be held on April 24. The recommendations promote transparency of MOL’s board of directors, and make its operation more conformant to international corporate management. According to OMV, the decisions of MOL’s board of directors are against the shareholder’s interests. The MOL shares placed to different companies should be considered as own shares, OMV recommends. MOL had agreed with BNP Paribas, OTP Bank, and Czech energy company CEZ about these placements. OMV criticized MOL’s latest transaction, selling 7% portfolio to CEZ for Ft 18,540 per share price. (MOL’s current rate was Ft 23,600 on that day.) Last year OMV’s investments totaled at €4.12 billion, and €1.32 billion went on acquisition of MOL shares. In the last quarter OMV’s profit was bigger than projected. Operational profit was €688 million as against the projected €642 million. After-tax profit increased by 8% to €318 million. Further profit increase is projected in 2008. (Gazdasági Rádió)