OMV Sold its Stake in Mol to Russian Oil Company

Austrian oil and gas company OMV has sold its 21.2 pct stake in Hungarian peer Mol to Russian oil company Surgutneftegas for EUR 1.4 billion, OMV announced on March 30.

OMV sold all of its 22,179,488 shares in MOL to Surgutneftegas.
Mol became aware on March 30, from press coverage, of the transaction to be concluded between OMV AG and Surgutneftegas, according to which OMV has committed to sell its entire stake in MOL to Surgutneftegas. There had been no prior consultation with Mol.

Mol understands, that Surgutneftegas sees Mol shares as an attractive investment opportunity. However, Mol would like to reassure the public that its intention to follow its own proven strategy to create value for its shareholders is unchanged and it will serve the interests of all stakeholders in the sustained growth of Mol Group.
In the current environment, Mol believes strengthening its partnership with INA is the main driver for value creation. The joint operation of the enlarged group enables Mol to optimize a larger asset portfolio, provides economies of scale and more flexible operations, as well as the transfer of knowledge.
 

News Monitoring