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

 

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