The Hungarian oil and gas company MOL announced a compulsory offer to buy up the remaining shares in Slovak oil refiner Slovnaft at Sk1,379 (€33.6) apiece, news wire TASR reported.
MOL increased its stake in Slovnaft to around 70 percent in March 2003, thus obliging the company to buy any remaining shares.
The company made an initial offer of Sk1,200 (€29.4), disregarding a controversial trade with Slovnaft shares from March 20. MOL argued that the deal was set by J&T financial group to raise the buy-out price since the offer had to be based on the average share price over the previous six months.
The Financial Market Office rejected MOL's complaint and ordered the offer price at Sk1,379 (€33.7). If all minority shareholders were to take up the offer, it would cost MOL Sk8.5 billion (€207.2 million).
Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
26. Nov 2003 at 10:49