The Budapest Municipal Court Tuesday rejected a case brought against Hungarian oil and gas company MOL Nyrt. (MOL.BU) by Austrian peer OMV AG (OMV.VI) in a first-instance ruling, state-run news agency MTI said.
OMV had alleged that the single MOL share held by the state conferring a veto right on any proposal to scrap the 10% voting limit in the company's charter is illegal.
The Austrian firm also said the 10% voting cap is discriminatory as it doesn't apply to the Hungarian state.
OMV declared its intention to take over MOL but met with repeated refusal from the Hungarian company.
The court's decision may be appealed within 15 days of the time the parties involved receive the ruling in writing.
MOL said Tuesday it agrees with the court's decision.