MOL has acknowledged today’s announcement from OMV regarding its intention to acquire. According to relevant capital market rules, the announcement of intent is not an official offer to shareholders, states the company’s press release.
In MOL’s opinion, OMV’s offer significantly undervalues MOL’s operations and future prospects and would lead to a decrease in value. Although OMV estimates that the value of synergies would be 400 million euros per year, it does not take into account the consequences of the merger of companies or the loss of value that will occur after the implementation of the divestment program that will be required by regulatory bodies for the protection of market competition. OMV’s move does not merit further consideration, and MOL will not engage in dialogue regarding the merger.
– Today’s OMV announcement does not contain any new material information compared to the previous offer that MOL’s Management unanimously rejected earlier, except that it states OMV cannot acquire MOL. This announcement is consistent with OMV’s unilateral and hostile communication. MOL has a bright growth outlook as an independent company and, as before, sees no sense in wasting time on a conditional offer that does not provide any benefits to its shareholders and other stakeholders, said Szabolcs Ferencz, Vice President for Corporate Communications.
