OMV Sells its 21.2% Stake in MOL

Monday, March 30, 2009

OMV the leading energy group in the European growth belt has sold its 21.2% stake in MOL (corresponding to 22,179,488 MOL shares) to Surgutneftegas, for a total consideration of EUR 1,400 mn. After settlement of the transaction OMV will not own any further shares in Hungarian oil and gas group.

Due to restrictions indicated by the European Union as well as the rejection of the MOL board, OMV terminated its respective merger activities in August 2008. Therefore the sale of the MOL shares conducted by the investment bank JP Morgan is a logical step and in line with OMV's strategy of acting in the best interest of its shareholders by maximising the value of its investment. With EUR 1,400 mn a good price has been achieved. This price corresponds to HUF 19,212 per share compared to Friday’s closing price of the MOL stock of HUF 9,940 per share.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Rosneft and Gazprom break into Brazil
    During the third quarter of 2014, both Rosneft and Gazprom have made notable advances into the Brazilian oil and gas sector. As of mid-July 2014, the Brazilian Na ...
  • For a few trillion barrels more
    Today, Scotland will vote on the following question: Should Scotland be an independent country? Answer YES and the vote is for independence, answer NO and the vote i ...

» More Opinion & Commentary         » Write for us             RSS RSS

Sponsor VideoYour video here

Visit FairfieldNodal to learn more.


Opinions & Commentary

Oil price, BP, Sundry- Gulfsands-Tullow-Aminex-Northern Petroleum and finally...

by Malcolm Graham-Wood

Read More »