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MOL exercises squeeze-out right for TVK shares

March 11/2015

MOSCOW (MRC) -- Hungarian oil and gas company MOL said yesterday that it is applying its squeeze-out right for shares of petrochemicals company TVK, reported Hungarian news agency MTI.

The agency added that MOL wound up a voluntary public purchase offer for the shares on Friday, raising its stake in TVK from 94.86% to 99.1%, providing all preconditions were met.

In the squeeze-out, which runs until March 23, MOL is offering shareholders the same price as in the public purchase offer: HUF 4,984, MTI added.

As MRC informed before,  MOL made a voluntary public tender offer on petrochemical works TVK. It bid HUF 4,984 for each of the outstanding ordinary shares of TVK based in Tiszaujvaros in eastern Hungary.

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, PE, oil, petrochemistry, TVK, Hungary.
Category:General News
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