OMV challenges MOL's shareholder structure

OMV has objected to the share arrangements at MOL's annual general meeting in Budapest, claiming that MOL was using shareholder money to buy shares and enhance its position.

April 24, 2008

Uchenna Izundu
International Editor

LONDON, Apr. 24 -- OMV AG has objected to the share arrangements at MOL Rt.'s annual general meeting in Budapest, claiming that MOL was using shareholder money to buy shares and enhance its position.

OMV holds a 20.2% share in the company and has launched a takeover that MOL has thwarted, arguing it would destroy shareholders' value.

Following the meeting, shareholders empowered MOL to continue share buybacks up to 25% of its own shares, instead of the limit of 10%.

OMV may take MOL to court to challenge the resolutions of the meeting after claiming that MOL passed them against the interests of independent shareholders.

Contact Uchenna Izundu at [email protected].