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PSzÁF takes no action on Surgutneftegas's purchase of MOL shares

Hungary's financial-market regulator PSzÁF has closed its investigation of Russian oil company Surgutneftegas's March 2009 purchase of a 21.2% stake in Hungarian oil and gas company MOL without taking any measures with regard to the transaction, PSzÁF reported on Monday evening.

PSzÁF announced in April 2009 that it had launched an investigation of the privately owned Russian company's purchase of the stake in MOL from Austrian peer OMV for €1.4 billion to determine if it violated stipulations in Hungary's capital-market act prohibiting insider trading and unfair market influence. PSzÁF spokesman István Binder said that the organization had initiated the investigation at MOL's request.

MOL announced after the share purchase that the company maintains no strategic or business partnership with Surgutneftegas and regards the Russian company's purchase of the 21.2% stake as a hostile move.

Surgutneftegas has been unable to exercise its voting rights in MOL or participate in the company's shareholders' meetings pending the outcome of PSZAF's investigation. Registration for the upcoming annual general meeting of MOL, due on April 29, had been closed.

Surgutneftegas Chairman Vladimir Bogdanov said in March that he is satisfied with the company's purchase of MOL shares and does not wish to sell them. (MTI-Econews)