The news source noted that this latest move is being considered by OMV to give it renewed thrust in its stalled campaign to acquire Mol. This action, which is being brought under Hungarian and European law, is in relation to Mol’s annual meeting in April 2008.
OMV claims that, in the meeting, a number of votes went in favor of Mol’s management, due in part by the support of shareholders. The Austrian company contends that these votes are invalid due to the shareholders’ association with Mol. These shareholders reportedly account for around 40% of Mol’s equity.
OMV is reportedly requesting the courts to negate the resolutions passed at the meeting and also pass a declaration barring the associated shareholders from voting and being paid dividends, according to the Financial Times.
The Austrian oil company is also seeking the courts’ permission to appoint an independent auditor to review the particulars of links between Mol and its shareholders. The shareholders cited by OMV include, Magnolia, an investment fund associated with Mol, and CEZ, the Czech power generation company.
