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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. |
