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Investors in book-building willing to part with MOL shares

Shareholders of oil and gas company MOL approached by ING, which is book-building for an unnamed investor that wants to buy a stake in the company, would part with their shares at HUF 12,600 per share, Concorde Securities analyst Zsolt Balasy told MTI, without revealing a source.

Dow Jones reported on Wednesday that ING is book-building on behalf of an unnamed investor looking to buy 7 million - 7.5 million shares in MOL in a deal worth about $360 million, citing a person familiar with the matter. The person said the buyer of the shares was likely to be based in the Middle East.

On Thursday morning, it was revealed that Bayerische Hypo-Vereinsbank (BHV) boosted its stake in MOL to 16.28% on December 12 in an announcement by UniCredit Bank Hungary, which is the custodian of the shares. BHV raised its stake in MOL to 17,011,494 shares from 10,011,494 shares.

Austrian oil and gas company OMV said on December 12 that it had sold 7m MOL shares to BHV under a repo agreement. OMV will recall the shares on March 19, 2009.

MOL was earlier the target of a hostile takeover by OMV, but the Austrian company scrapped its plans as MOL's management quickly bought up treasury shares and placed them with friendly investors, and because of opposition by the European Commission in its capacity as the EU's competition authority

Trade in MOL was suspended shortly after the start of trade on Thursday after it rose more than 10% to 11,400, exceeding the bourse's volatility limit. (MTI – Econews)