MOL's Large Share Swap Fell Through: Alteo Stake Will Not Increase to 40 Percent
5 Articles
5 Articles
Mol will not implement the transaction announced in April, under which it would have increased its stake in Alteo to nearly 40 percent and in return would have sold its 15 percent stake in Waberer's, the relevant announcement reads. According to the company, it failed to obtain all the necessary regulatory approvals by the deadline specified in the purchase and sale contracts, therefore Mol exercised the option to terminate the contracts.
Not all regulatory approvals were obtained by the deadline specified in the sales contracts.
Mol would have increased its stake in Alteo, in return for which the Főnix Private Equity Fund, which is linked to Tiborcz, would have received the oil company's stake in Waberer's.
The reason given was that it was not possible to obtain all regulatory approvals by the deadline. Therefore, according to Mol, the termination is legal.
The Hungarian stock market came under strong selling pressure on Thursday afternoon, with the BUX down 3.5 percent and OTP's loss reaching 6 percent. The mood on both European and American stock markets deteriorated, while rising oil prices and rising price pressure in the American manufacturing industry intensified inflation concerns. Among domestic corporate news, the failure of MOL's planned share exchange took center stage.
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