Hungarian Finance Minister Janos Veres said Friday that Hungary and the European Union will reach a "satisfying solution" to the E.U.'s probe into a Hungarian company takeover law that the E.U. said breached union regulations.
Brussels warned Hungary in November that two clauses of the law that regulates the takeover of strategically owned companies, also known as 'Lex MOL,' were against E.U. regulations regarding free movement and settlement of capital.
Business weekly HVG said in its latest edition, without citing its sources, that the Hungarian government is likely to amend the two clauses in exchange for which the E.U. won't take Hungary to court over the issue of golden shares held by the state in certain companies. Brussels previously had threatened to start legal proceedings against Hungary in the European Court over the state's golden shares.
Analysts said the government designed the regulation to prevent a hostile takeover of oil and gas company MOL Nyrt. (MOL.BU) by its Austrian peer OMV AG (OMV.VI).