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Oman Oil Company boosts stake in MOL to 15.4%

Oman Oil Company (OOC) announced it raised its stake in Hungarian oil and gas company MOL to 15.4% on December 18.

MOL signed a strategic cooperation agreement with OOC in March under which it sold 8,774,040 shares - equivalent to 8% of the registered capital at the time, or 8.4% following a 5% capital reduction after the withdrawal of treasury shares in the spring - at a price of $145.43 per share to the company.

On Friday, OOC said it raised its stake to 16,090,334 shares from 8,774,040 shares.

Dow Jones reported on Wednesday that ING was 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.

MOL shareholders approached in the book-building said they would part with their shares for HUF 12,600 per share, Concorde Securities analyst Zsolt Balasy told MTI on Thursday, without revealing a source.

MOL also said on Friday that it had not completed the conditions in the deal signed with MOL in March. Under the deal, OOC was to have transferred cash and assets to MOL in exchange for the 8,774,040 shares. The transaction was to have been closed no later than the end of 2008. (MTI – Econews)