TITLE

Hungary votes to give up "golden shares" in MOL

AUTHOR(S)

Beacham, Will

PUB. DATE

April 2007

SOURCE

ICIS Chemical Business;4/23/2007, Vol. 2 Issue 63, p7

SOURCE TYPE

Trade Publication

DOC. TYPE

Article

ABSTRACT

The article discusses the implications of the Hungarian Parliament's decision to relinquish the state's shares in MOL. Passed after the European Court of Justice adopted ruling on the free movement of capital, the vote relinquished the state's power to veto strategic decisions at the company. While MOL has adopted a ruling that limits the voting rights of individual shareholders to 10% until 2010, it might be susceptible to bids from Russian oil and gas companies that are keen on the European market.

ACCESSION #

24983086

Tags: STOCKS (Finance);  MOL Hungarian Oil & Gas Co.;  EXECUTIVE power;  PETROLEUM industry;  STOCKHOLDERS' pre-emptive rights

 

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