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OMV Launches Hostile $20-Billion Bid for MOL

12:47 PM MDT | September 28, 2007 | CW Editorial Staff

Energy and petrochemicals company MOL (Budapest) has rejected a hostile takeover proposal from OMV (Vienna). OMV sent a “declaration of intent” to MOL’s board last week and says it is “in a position” to offer Hf32,000/share in cash, valuing MOL at about $20 billion. “However, due to a number of technical impediments OMV is unable to achieve voting control of MOL at the present time,” OMV says. “Therefore OMV is seeking to engage in active discussions with key MOL stakeholders.” Each MOL shareholder, regardless...

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