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MOL set to buy remaining TVK shares

January 16/2015

MOSCOW (MRC) -- Hungarian oil and gas company MOL made a voluntary public tender offer on petrochemical works TVK yesterday, the company announced in a stock exchange filing yesterday.

It bid HUF 4,984 for each of the outstanding ordinary shares of TVK based in Tiszaujvaros in eastern Hungary.

TVK, suspended trading on Tuesday pending the announcement, and closed at HUF 5,086 on Monday on the Budapest Stock Exchange (BET). It ended last year at HUF 4,745. MOL already owns 94.86% of TVK's 23.04 million shares. The National Bank of Hungary in its capacity as financial supervisory authority has yet to approve the tender.

TVK, which is fully integrated into MOL's downstream operations, expects to launch a 130,000 tonne/year BD unit before the summer at its production site in Tiszaujvaros, northern Hungary.

Drawing on the plants output as feedstock, a 60,000 tonne/year S-SBR plant, being built at Tiszaujvaros by a joint venture between MOL and Japan-based JSR Corporation, is to be launched in 2017.

According to MRC, TVK is a significant player in market of polyolefins in Ukraine. Tiszai Vegyi Kombinat (TVK) is a Hungarian manufacturer of olefins and polyolefins such as polyethylene and polypropylene. Feedstock is supplied by MOL of which TVK is a subsidiary and which also processes a major portion of resulting by-products from the olefins plant.

MOL previously said Hungarian authorities had dismissed the allegations against MOL, which now holds a 49.1% share of INA. Hungary's government holds a 24.6% stake in MOL.
Author:Anna Larionova
Tags:PP, PS, PE, oil, petrochemistry, TVK, Hungary.
Category:General News
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