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MOL shareholders approve hostile takeover defense proposals

Shareholders at an annual general meeting of Hungarian oil and gas company MOL approved proposals aimed at preventing a hostile takeover of the company.

Shareholders approved a proposal to require disclosure of ownership by shareholders with stakes exceeding 2%. The approved proposal also requires these shareholders to reveal any parties exercising actual control over the shares, though the board reserves the right to suspend the shareholder's voting rights if it doubts the shareholder's report.

Shareholders approved changes to the company charter ensuring the state's single "B" series share retains its special veto rights for matters of strategy even if it is sold or transferred.

Another change to the company charter requires support by the holder of the "B" series share for approval of proposals that are supported by shareholders but not by the board.

Shareholders approved a proposal to allow a general meeting to recall the board just once in three months.

Shareholders approved a proposal to cap voting rights of individual shareholders or shareholders voting in groups at 10%. (MTI – Econews)