THE HUNGARIAN company MOL made, on October 27, a public offer to buy out Slovak oil refiner Slovnaft's remaining shares for Sk1,379 (€33.3) apiece, based on a decision issued by Slovak financial market regulator UFT, news wire TASR reported. The company is the majority owner of Slovnaft.
MOL also stated that the company still considers the March 20th trade involving 202,000 of Slovnaft's shares to be an illegal manipulation in order to speculatively increase the price for the obligatory buyout offer, and is still seeking ways for legal recourse.
In the March transaction on the Bratislava stock exchange market BCPB, the shares were traded at the relatively high price of Sk1,541 (€37.2) apiece.
By law, MOL, owner of 70 percent of Slovnaft, had the duty to offer to buy the remaining shares. This is required of any company following the takeover of two-thirds or more of the stock of another company. The price of the offer must represent the average of transactions of Slovnaft shares carried out over the past six months.
Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
28. Oct 2003 at 14:05