Austrian energy firm OMV has initiated legal action against Hungarian oil and gas firm MOL, as it is disputing the company's golden share rule, which ensures that MOL stays in the Hungarian government's control, according to Forbes.
OMV is keen to acquire MOL in order to consolidate its position in central Europe and to take advantage of the strategic importance of MOL’s infrastructure with regard to Russian energy supplies.
The Austrian company believes that the acquisition of MOL could generate up to E400 million in synergies a year and make it a strong player in central and eastern Europe.
MOL has already rejected the proposal twice and the company has said that it is not interested in any future possibility of the deal taking place.
OMV has offered $186.50 per MOL share at a premium of 28.1% in its bid to acquire the Hungarian firm, Forbes said.