Hungary's MOL to shut the door on Surgut at AGM

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Wednesday, April 22, 2009 04:39:00 PM

Russia's Surgutneftegas, which has recently acquired a 21.2% stake in MOL from OMV, will not be allowed to be present and vote at the oncoming annual general meeting of the Hungarian fuels group.

The Hungarian Energy Office (MEH) was notified by Surgut on 9 April that it had bought a 21.2% stake in MOL from OMV, but MEH has not accepted it yet as it has not received answers to some questions, it said.

2009.04.21 13:01
Hungarian Energy Office comments on Surgut/MOL acquisition

According to the sources of local newswire MTI, Surgut has not been registered as a MOL owner yet therefore it will be locked out of MOL's 23 April AGM.

According to law, Surgut should have notified MEH about acquiring the MOL package.

Russian papers Kommersant and Vedomosti both called the procedure of the Hungarian authority scandalous.

Vedomosti said the identification of MOL shareholders was closed on 9 April and their registration was concluded on 14 April, when the Russian concern concluded the deal with OMV.

It also noted the fact that Surgut would have had to notify MEH, as any company is obliged to do if it acquires a stake larger than 5%.

Vedomosti cited sources close to the company when saying that MOL has not yet asked for the registration of Surgut. It still has OMV listed as a shareholder, but since the Austrian fuels group does not hold MOL shares anymore, it cannot take part in the AGM.

Vedomosti cited experts pondering what MOL could want to achieve by not letting Surgut execs to be present and vote at the AGM. The consensus was that this way MOL will be able to have its amendment proposals to the Articles of Association approved. These make any unwanted takeover virtually impossible. MOL has treasury shares parked at friendly institutions and local source estimate that this way MOL controls 50% of the votes.

2009.04.08 13:03
Hungary´s MOL prepares to give the finger to Russia

Kommersant said that internationally accepted legislation would allow Surgut to partake in the AGM on authorisation by OMV. If MOL still does not let it in, it will have the right to call for an extraordinary general meeting as soon as it is registered as a shareholder. The paper added, though that even if Surgut had a say at the AGM it still could not delegate a member into the Board of Directors.

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