"The European Commission has suspended its investigation into the effects on the market of a takeover of MOL by OMV, as the Austrian oil company failed to provide requested information on time.The Commission did not say which party was at fault, but OMV has since accepted responsibility. Spokesman Thomas Hümer said the company will provide the missing information as soon as possible.
The investigation will resume when the information is submitted, but the original July 22 deadline of the investigation will be put back. OMV had requested a review of its possible purchase of MOL, to clear it with competition authorities.
The Commission also said its investigation will soon be concluded into whether Hungarian legislation granting special powers to strategic companies to resist hostile takeovers meets EU regulations. The Commission did not confirm that its report would be finished this week, Magyar Nemzet writes. The so-called MOL law was passed after OMV announced a desire to take over MOL."
Source: Hungary Around the Clock.
This news item is one of many published daily by HATC, a premier subscription news service which distributes English-language info about Hungary via email or fax. For a free trial of HATC follow this link and click on 'Free Trial Subscription'.
06.05.2008