BUDAPEST--Hungarian oil company MOL Nyrt. (MOL.BU) and OTP Bank
(OTP.BU) have extended a 2009 April agreement to swap shares until
July 11, 2017, the two companies announced on the homepage of the
Budapest Stock Exchange Wednesday.
MAIN FACTS:
- MOL, OTP Bank extend stock swap agreement
- Move is seen as strategy to avoid hostile takeovers
- OTP Bank participates in scheme with 24 million ordinary
shares
- MOL participates with 5,010,501 A-shares
- Expiry date is now July 11, 2017
- Either party may initiate the financial and physical
settlement of the deal at any time
- MOL Tuesday ended up 2.8% at HUF16,540, OTP Bank down 0.2% at
HUF3,469
Write to the Budapest Bureau at budapest@dowjones.com