In MOL's assessment, OMV's approach substantially undervalues MOL's business and prospects and would be value destructive. Although OMV claims a synergy estimate of Euro 400 million per annum, it ignores both the resulting dissynergies from a combination of the companies and the loss of value arising from the disposals program that would be required by the anti-trust authorities. OMV's move does not merit further consideration and MOL will not be entering into dialogue with OMV to discuss the approach.
Szabolcs Ferencz, Corporate Communications Vice President said: "Today's announcement from OMV contains nothing new material information compared to the approach previously unanimously rejected by MOLís Board of Directors; except that the release states that OMV is not able to get control over MOL. The release fits into OMVís unilateral and hostile communication. MOL has exciting growth prospects as an independent company and, as before, we see no point in wasting time on an a conditional approach which does not offer benefits to our shareholders and other stakeholders of MOL."
Most Popular Articles
From the Career Center
Jobs that may interest you