OMV Rejects Offer From MOL.(OMV AG, MOL Magyar Olaj- es Gazipari Rt)(Brief Article)

Chemical Market Reporter, November, 2000 by MILMO, SEAN

OMV HAS rejected a proposal from MOL for a deal under which OMV would not increase its 9.3 percent share in the Hungarian oil, gas and petrochemicals company. The shareholding was recently acquired by OMV with the objective of cooperating with MOL to strengthen its position in the Eastern European market for oil and petrochemicals.

MOL proposed a range of cooperation initiatives as part of a standstill agreement under which OMV would freeze the size of its shareholding in the company. "Such an agreement has to bc beneficial to both parties," says an OMV official. "We see the possibilities of synergies between the two companies, particularly in the areas of logistics and services in refining and marketing." But OMV has made clear that its...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.