EU ends suspension of OMV/MOL merger review

Issues

The European Commission said on Monday it was restarting its in-depth investigation of plans by Austrian oil and gas group OMV to take over Hungarian peer MOL.

The new deadline for the review by the European Union’s top competition regulator is Sept. 18. The Commission had stopped the clock on May 5 as it needed additional information from OMV. The Commission gives itself 90 working days to conduct in-depth reviews, which can be extended in special circumstances for limited periods. It had extended its deadline for reviewing the competition implications of the deal to July 22.

OMV owns 20.2% of MOL and wants to buy the rest. The Hungarian company has resisted the bid, which valued MOL at $20.7 billion, not including debt. (Reuters)

 
LEX MOL COULD BE AMENDED TO SATISFY BRUSSELS

The government could soon propose amendments to legislation passed last autumn giving strategic companies special powers to fend off hostile takeovers in order to satisfy the European Commission, Finance Minister János Veres said on Friday, answering a question.

Veres declined to offer any further details on the changes. The Commission said in February it could take Hungary to court over the law -- dubbed lex MOL, because it gives Hungarian oil and gas company ammunition against unwanted advances by OMV. The Commission asked for a response to a query on the law and said it would decide whether or not to take Hungary to court based on its evaluation of the response. (MTI-Econews)

 

ADVERTISEMENT

Business confidence edges up as consumer sentiment weakens Analysis

Business confidence edges up as consumer sentiment weakens

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.