INEOS – MOL share swap offer ends in failure

empty boardroom.jpgHungary’s oil and chemical major, MOL, has been the subject of takeover rumours and bids for many years. Not so long ago there were whispers that the Russians were intent on building a stake in MOL as they sought a foothold further West. A merger with Poland’s PKN Orlen has been on the cards for at least a decade. Next Austria’s OMV made a hostile bid which was rejected vigorously. 

So the blog was not surprised to read a Budapest Business Journal   article suggesting yet more share dealings are afoot. Russian businessman Kirill Kasatkin, a representative of the British company Sinocor, is reported to have made an offer for the MOL shares held by Russian peer Surgutneftegas in return for INEOS shares but the deal fell through.

The BBJ said: “Asked by local paper Népszabadság, MOL denied that either the company or its managers has been in contact with Sinocor.

The report came just days after MOL denied a report by the Russian business daily Vedomosti that it had made an offer to buy its own shares from Surgutneftegas.

Surgutneftegas acquired a 21.1% stake in MOL from Austrian peer OMV for €1.4 billion in March 2009. MOL’s management called the deal unfriendly and Hungary’s president expressed concern about the transaction.”

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