In a press release regarding the decision, MOL called OMV’s takeover bid an unsolicited and unwelcome proposal. MOL said that it does not believe that a merger would be in the best interest of the company or its shareholders and key stakeholders.
MOL has an excellent future as an independent company and is determined to pursue its successful strategy to deliver superior and sustainable growth and value for all of its shareholders, customers, employees and other stakeholders, the company said.
In a separate press release, the company announced a set of initiatives to realize additional growth and cash generation throughout its current operating base and portfolio. The plans include organic growth within MOL’s gas, refining and marketing, and exploration and production operations, as well as creating value through acquisitions and strategic alliances, both in the downstream and the upstream segments.
The initiatives appeared to be a rebuttal of OMV’s merger plans, as MOL said: MOL has already proved that it is capable of creating outstanding value for its shareholders. The board of directors is convinced that MOL will continue to create substantial value for its shareholders through the implementation of its own, independent strategy.
According to Forbes, Zsolt Hernadi, MOL’s chairman and CEO, told the Nepszabadsag daily publication that the company would favor strategic alliances with Russia over a merger with OMV. Forbes cited Mr Hernadi as naming Russian oil firms Lukoil and Rosneft as potential partners, while adding that a merger with OMV would be likely to meet objections from the EU competition commission.
