Austrian oil and gas company OMV AG (OMV.VI), as the largest shareholder in Hungarian peer MOL Nyrt. (MOL.BU), will seek to cancel a series of treasury share lending deals and options agreements at MOL's annual meeting April 24, OMV said Tuesday.
The move comes as part of the Austrian company's stated intention to gain control over its Hungarian peer.
OMV will call on MOL shareholders to vote for unwinding MOL's "quasi-treasury share" arrangements with BNP Paribas SA (13110.FR), OTP Nyrt. (OTP.BU), MFB Invest Zrt., Magnolia Finance Ltd. and CEZ SA (BAACEZ.PR) within six months of the general meeting.
Analysts say MOL's management has direct and indirect control of over 40% in the company via these arrangements.
OMV also wants MOL to ensure that these shares are treated in all respect as treasury shares, particularly as regards the limit on voting rights and dividend payment, OMV said in a release.