OMV makes hostile offer to acquire MOL.(Brief article)

OMV (Vienna) has made a hostile takeover proposal to acquire energy and petrochemicals company MOL (Budapest). OMV made a preliminary offer earlier this year for MOL, which MOL rejected (CW, July 25, p. 7). OMV sent a "declaration of intent" to MOL's board last week and says it is "in a position" to offer Hf32,000/share in cash, valuing MOL at about $20 billion. "However, due to a number of technical impediments, OMV is unable to achieve voting control of MOL at the present time," OMV says. "OMV is seeking to engage in discussions with key MOL stakeholders." Each MOL shareholder, regardless of its stake, may control no more than 10% of the firm's voting rights. OMV has an …