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OMV objects to MOL share buyback

Austrian oil company OMV repeated its call for Hungarian peer MOL to treat shares “parked” with friendly investors as treasury shares, a day after MOL announced it would recall its shares on loan to OTP Bank and MFB Invest before their ex-dividend date.

OMV, which holds a 20.2% stake in MOL, appealed in May resolutions passed at MOL's annual general meeting because it said the MOL shares on loan and with friendly investors must be treated as treasury shares, without voting rights and without dividend.

MOL has agreements on its shares with investors holding about 40% of its registered capital. It started making massive treasury share purchases and placing the shares with friendly investors around the same time OMV attempted a hostile takeover of the company in the summer of 2007.

Responding to OMV's renewed allegations, MOL said the statement contains no new elements and MOL has already made clear its own stand on the matter. “It is not MOL's task to correct each of OMV's directed legal distortions,” the company said. (MTI – Econews)