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EU to rule on OMV/MOL merger after summer recess

The European Commission will make a ruling on the proposed merger of Austria's OMV  and Hungary's MOL after its summer recess, Competition Commissioner Neelie Kroes.

“It's keeping us quite busy, it's an intriguing case with a lot of aspects,” Kroes told reporters.

“We got lots of information, we asked for lots of information, and hopefully we can be ready for a final position after the summer break,” Kroes said.

The Commission restarted its in-depth review of the proposed merger in early June and set a September 18 deadline for the review.

OMV, which holds 20% of MOL and wants to take over the company, initiated the review.

The Hungarian company has resisted the bid, which valued MOL at $20.7 billion, not including debt, and argued that it would virtually eliminate competition in Hungary, Slovakia and large parts of Austria, Poland and Romania. (Reuters)