"Prime Minister Ferenc Gyurcsny has instructed the Ministry of Justice to draft regulations to prevent foreign companies directly or indirectly owned by foreign states from acquiring strategically important Hungarian companies, government spokesman Dávid Daróczi announced Wednesday.The Economy Minster and the Finance Ministry will also be involved in preparing the proposed regulations, seen as a response by the government to OMVs perceived takeover bid for energy company MOL.
The regulations will conform to EU rules, Daróczi added. Similar rules exist in Belgium, Ireland, and the UK, giving states more power to torpedo takeovers of strategically important companies, Napi Gazdaság writes.
The Hungarian government considers OMVs move as a hostile takeover bid. The definition of strategically important company needs to be clarified, observed K&H analyst György Barcza."
Source: Hungary Around the Clock.
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19.07.2007