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OMV Gives Up on Acquiring MOL

1:33 PM MDT | August 18, 2008 | Chemical Week Editorial Staff

OMV (Vienna) has abandoned its attempt to acquire MOL (Budapest). OMV launched a hostile $20-billion bid last year for MOL, which encountered fierce resistance from the MOL board (CW, Oct. 3, 2007, p. 7). A European Commission investigation launched earlier this year raised concerns that an OMV-MOL merger would reduce competition in the markets for refined products and fuel retailing in Central Europe. OMV decided to pull out after the commission said it might approve the deal only if OMV commits to divesting a major asset, thought to be a refinery. Such a big...

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