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OMV Makes Hostile Offer to Acquire MOL

October 3, 2007 | Chemical Week Editorial Staff

OMV (Vienna) has made a hostile takeover proposal to acquire energy and petrochemicals company MOL (Budapest). OMV made a preliminary offer earlier this year for MOL, which MOL rejected (CW, July 25, p. 7). 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. “OMV is seeking to engage...

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