The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Croatia/Hungary: Mol seeks greater control at home and abroad

Negotiations on government purchase of Surgutneftegaz stake; Surprise offer to buy out minority shareholders at INA

Mol, Hungary’s leading oil and gas company, is looking to resolve ownership issues at home and abroad. On the domestic front Mol is seeking to come to terms with Russian oil company Surgutneftegaz, which holds a 21.2% stake in the firm that it acquired for $2 billion in March 2009 from Austria’s OMV after OMV failed in its attempt to acquire Mol in a hostile takeover. The stake is now worth about $2.3 billion. For its part Mol has always regarded Surgutneftegaz’s holding in a negative light and believed that the Russian oil company would seek to wrest control with the backing of the Russian government.

Mol has succeeded in persuading the Hungarian government to initiate talks on acquiring the Russian company’s stake on the basis that Mol, the country’s largest refiner, is a national strategic asset that should not fall into foreign hands. In late December, however, Hungarian development minister Tamas Fellegi told local media that negotiations between Hungarian and Russian officials were proving tricky. "The Russians are defending their positions hard, but in a correct manner", said Fellegi, adding: "We are also defending out national interests in a hard and correct manner."

Croatian intrigue

Mol is also seeking to extend its control over Croatian oil and gas company Industrija Nafte (INA), announcing a surprise bid in early December for an 8% stake held by minority shareholders.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree