Austria's OMV has no intention to sell its stake in Hungary's MOL

http://www.portfolio.hu/en/cikkek.td...

Monday, March 23, 2009 03:41:00 PM

Austrian oil and gas group OMV will not sell its shares in its Hungarian rival MOL at least until the end of 2009, CEO Wolfgang Ruttenstorfer told political and economic daily Profil on Monday.

“[...] it will not be like this forever but we will keep (our MOL shares) this year in any case," Ruttenstorfer told Profil in an interview published on Monday.

He reiterated his credo that the consolidation of the fragmented Central European oil sector will take place eventually, and this is why a combination with MOL would have been favourable.

OMV backed down when the European Commission's competition arm announced its reservations about the possible deal.

Ruttenstorfer acknowledged that MOL is currently so cheap that it could be taken over easily, he stressed the issue is off OMV's agenda.

The CEO said OMV had paid a reasonable price for MOL shares and while these are worth much less currently, the price will eventually go up just like at other shares.