Hungarian oil company MOL wants to offer SKK 1,200 per share to small shareholders in Slovnaft in its compulsory public takeover bid, MOL director general and vice-chairman of the board of directors in Slovnaft, Zoltan Aldott informed journalists on Thursday. He said that the price is 10 percent higher than the average price of Slovnaft shares on the market, which currently is SKK 1,100. When calculating the average price for the past six months, MOL was not considering the transaction from March 20, when about 200,000 Slovnaft shares changed hands at about SKK 1,540. This transaction lifted the average price of Slovnaft share to SKK 1,380 and MOL finds it an attempted price manipulation. Settlement of the transaction has been postponed based on MOL’s initiative.

The Financial Market Office (UFT) is evaluating the draft public takeover bid, submitted by MOL. The UFT cannot approve the draft bid sooner than the decision on transaction from March 20 is made. The board of the Bratislava Stock Exchange (BCPB) should deal with the issue on April 9. MOL is ready to turn to the court if the BCPB board decides it was not the price manipulation.

„MOL’s offer is a derision for minority shareholders and it contradicts to the law. The market generated the average price of Slovnaft shares for the last six months close to SKK 1,400 and MOL’s offer is below this level,“ said spokesman for J&T Finance Group Maros Sykora. J&T and Istrokapital control about 15 percent of Slovnaft shares.

The transaction, in which MOL raised its share in Slovnaft to about 70 percent amounts to USD 360 million. When considering the number of shares that MOL acquired from Slovbena and Slovintegra, this is SKK 2,200 per share. However, MOL finds this price hypothetical and misleading, since Slovintegra and Slovbena were not paid in cash in full, but they also got MOL shares. These shares have not been listed on the public market yet and thus do not have a market price.