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Regions :: Eastern Europe :: Hungary

MOL Continues to Resist Approaches from OMV

9:36 AM MDT | April 8, 2008 | Chemical Week Editorial Staff

MOL (Budapest) says its board has rejected certain proposals made by OMV (Vienna) for MOL’s annual meeting, which is due to take place on April 23. OMV is MOL’s biggest shareholder with a stake of 20.2% and last year launched a takeover bid for MOL, which MOL rejected (CW, Oct. 3, 2007, p. 7). OMV requested that MOL shareholders’ opinion be sought at the meeting on MOL’s ownership of its own shares and it asked for the publication of a full voting record. MOL says both proposals are against Hungarian corporate law and MOL’s articles...

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