OMV files EU notification for MOL merger

Budapest: Austrian oil and gas group OMV has filed a merger notification with the European Commission's competition arm about its planned merger with Hungary's MOL, prompting a fresh rebuff from MOL.

Partly state-owned OMV, which already holds 20.2 per cent in MOL, has proposed a bid valuing its Hungarian target at $20 billion, but MOL has repeatedly and firmly rejected the bid, which it considers hostile.

On Friday, OMV said it had filed a formal merger notification with Brussels, and MOL rushed to put out a statement in which it said it hoped the European Commission would launch an inquiry as OMV's plan would seriously hurt competition. "MOL welcomes the opportunity for a thorough investigation by the European Commission of the significant anti-competitive effects which an OMV/MOL combination would have for the Central European region," it said.