The Hungarian Competition Office authorises the acquisition of joint control by a Hungarian oil company over a Slovak oil company (MOL / Slovnaft)

The Hungarian Competition Office (“HCO”) initiated an investigation following the application of Hungarian Oil & Gas Company Plc (“MOL”) in which MOL requested the approval for MOL's acquisition of joint control with Slovintegra a.s. (“Slovintegra“) and Slovbena a.s. (“Slovbena”) (hereinafter together “S&S”) over Slovnaft a.s. (“Slovnaft”), the Slovak oil company. The concentration was to be effected by two agreements that were concluded between MOL and S&S, pursuant to which MOL acquired 36.2 per cent. of Slovnaft's shares through a share purchase and capital increase, and also obtained a call option regarding the purchase of 51 per cent of Slovnaft shares. It was also agreed that during the Closing Period (i.e. before MOL exercises the call option) a 69 per cent majority would be

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Authors

  • Lakatos, Köves & Partners (Budapest)
  • Lakatos, Köves & Partners (Budapest)

Quotation

Ádám Máttyus, Eszter Ritter, The Hungarian Competition Office authorises the acquisition of joint control by a Hungarian oil company over a Slovak oil company (MOL / Slovnaft), 1 September 2000, e-Competitions Bulletin Energy & Mergers, Art. N° 21355

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