MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG

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EU Probes MOL's Planned Acquisition of OMV Slovenia

06/23/2022 | 01:54am EDT

By Maitane Sardon


A proposed acquisition by MOL Hungary Oil & Gas of the Slovenian business of OMV AG is being investigated by the European Union on antitrust concerns, the bloc's executive arm said Thursday.

The European Commission said it is concerned that the proposed transaction may reduce competition in the retail motor fuel markets in Slovenia and has launched an in-depth investigation.

"OMV Slovenija and MOL are two of the leading fuel suppliers in Slovenia, which compete head-to-head in many local areas," said Executive Vice-President Margrethe Vestager, who is responsible for competition policy.

"We need to carefully assess whether the changes in the competitive landscape prompted by the proposed acquisition would have an impact on prices or the quality of services," she said.

The EC noted that the merger could remove the main competitive constraint the two companies face in the market.

Earlier this month, OMV said it had reached an agreement for MOL to acquire the entirety of its Slovenian business for a purchase price of 301 million euros ($318.1 million.) The transaction was expected to close this year, the company said at the time.

Following the investigation, the EU has until Oct. 28 to make a decision regarding approval of the transaction, it said.


Write to Maitane Sardon at maitane.sardon@wsj.com


(END) Dow Jones Newswires

06-23-22 0354ET

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -9.64% 102.28 Delayed Quote.46.07%
MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG -1.75% 2918 End-of-day quote.15.79%
OMV AG -8.28% 39.77 Delayed Quote.-13.19%
WTI -10.48% 98.603 Delayed Quote.43.54%
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Financials
Sales 2022 8 536 B 22 153 M 22 153 M
Net income 2022 425 B 1 103 M 1 103 M
Net Debt 2022 795 B 2 063 M 2 063 M
P/E ratio 2022 4,23x
Yield 2022 8,33%
Capitalization 1 845 B 4 787 M 4 787 M
EV / Sales 2022 0,31x
EV / Sales 2023 0,28x
Nbr of Employees 24 154
Free-Float 31,8%
Chart MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG
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Technical analysis trends MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 10
Last Close Price 2 950,00 HUF
Average target price 3 370,00 HUF
Spread / Average Target 14,2%
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Managers and Directors
József Molnár Group CEO & Non-Independent Director
Zsolt Hernádi Director
József Farkas Simola Deputy Chief Financial Officer
Zoltán Sandor Áldott Chairman-Supervisory Board
Péter Ratatics Chief Operating Officer