Hungary has bought back a 21.2 per cent stake in oil and gas company MOL from Russian oil firm Surgutneftgas, Prime Minister Viktor Orban said on Tuesday, Reuters reported.
"It was more than a purchase, it was a tough struggle. From a national strategic point of view, we have managed to place one of the most important corporations into safe hands," he told a news conference.
Surgut acquired MOL's stake from Austria's OMV in 2009, saying it wanted to be a strategic investor, but MOL saw the move as unfriendly.
According to the price at which MOL shares were being traded on the Budapest Stock Exchange today, the transaction amounted to some 500 billion Hungarian forints (US$ 2.6 billion).
The BSE suspended trading in MOL shares at 1.15 pm today at the company's request due to an announcement that could significantly affect the price. Before the suspension, MOL shares were being traded at a price 4.1 percent higher than the day before.
