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OMV sells MOL stake to Russia's Surgutneftegas

Austrian oil and gas company OMV has sold its 21.2%c stake in Hungarian peer MOL to Russian oil company Surgutneftegas for €1.4 billion, OMV announced in a press release.

OMV sold all of its 22,179,488 shares in MOL to Surgutneftegas through the investment bank JP Morgan.

OMV said that the sale of its stake in MOL was a logical step in line with OMV's strategy of acting in the best interest of the company's shareholders by maximizing the value of its investment after European Union restrictions and opposition from MOL's board compelled OMV to terminate its planned merger with MOL in August 2008.

OMV noted that the price for which it sold MOL to Surgutneftegas corresponds to HUF 19,212 per share compared to MOL's Friday closing price of HUF 9,940. (MTI – Econews)