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Swap agreement gives MOL 8.57% voting rights in OTP Bank

Hungarian oil and gas company MOL acquired 8.57% of voting rights in Hungary's OTP Bank on April 16 as a result of a recent swap agreement between the two, OTP Bank said.

MOL has exchanged 5,010,501 of its series “A” shares for 24,000,000 OTP ordinary shares under the agreement announced last Friday.

The final maturity of the swap agreement is 11 July 2012, until which time any party can initiate cash or physical settlement of the transaction. OTP may exercise a call option for the repurchase of up to 24m of its shares and MOL may buy back up to 5,010,501 of its shares during the period.

The deal did not affect MOL's treasury stock as the exchanged MOL shares were taken from 6,987,362 shares already on loan to OTP Bank. The stake on loan makes up 6.7% of MOL shares according to Econews calculations.

The OTP Bank shares in the exchange had a market value of about HUF 62.4 billion, calculating with Friday's closing price. The 5.01 million MOL shares were worth about HUF 55 billion. (MTI – Econews)