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Austria's OMV raises stake in Hungary's Mol to 18.6%

OMV AG, the leading Central European oil and gas group, has purchased several blocks of MOL shares, which, as understood have also been offered to other potential investors.

The average price per share was close to the traded market price, implying a total of some €1 billion ($1.34 billion). Currently OMV holds 18.6% of the issued MOL shares. OMV seeks to strengthen its strategic participation in MOL through this operation. The company is convinced by the long-term benefits of a closer cooperation, which will allow two European companies to considerably increase the security of supply, a significant benefit for Europe. Furthermore the complementary strengths of both companies in Central Europe could be capitalized. (euroadhoc.com)