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OMV and MOL to meet in court



By Upstream staff 

Hungarian oil and gas group MOL said today that its Austrian rival OMV had launched a lawsuit against MOL to seek to annul all resolutions made by MOL shareholders at a meeting in April.

MOL said in a statement that the commercial department of the Metropolitan Court of Budapest scheduled the first hearing for 21 Jan next year, wrote Reuters.

OMV, which holds 20.2% of MOL, is trying to unwind MOL's stock-lending agreements with what it says are friendly banks and companies.

OMV had proposed an offer for MOL that could be worth $20 billion on condition that MOL removes a 10% cap on voting rights and cancels or neutralises stakes in MOL controlled by its board and friendly institutions.


Thursday, 03 July, 2008, 11:23 GMT  | last updated: Thursday, 03 July, 2008, 11:59 GMT

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