Hungarian Government Starts MOL Buyout Talks With Sugutneftegaz

September 8, 2010
The government of Hungary has started talks with Surgutneftegaz to buyout a 21.2 percent stake in the Hungarian concern MOL, according to the Hungarian Development Ministry. The ministry also noted that Budapest would also like to find "a solution that is satisfactory for all sides" as soon as possible.
The government is trying to strengthen its national interests in all key areas of developing the Hungarian economy, the government reported, noting "Along with this, in light of the strategic significance of the energy sector, Budapest intends to enlarge the state's participation under the framework of current legislation".
Surgutneftegaz purchased 21.2 percent of MOL in the spring of 2009 for double its them market value – for 1.4 billion euros – from Austria's OMV Group. However, the company was not included in the MOL shareholder register over  differences between the MOL leadership and the Hungarian authorities.
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