Russian-British offer to swap Surgutneftegas stake in MOL falls through

http://www.bbj.hu/?col=1004&id=51801

Thursday 11:33, February 18th, 2010

A Russian businessman has recently made an offer for the shares of Hungarian oil and gas company MOL held by Russian peer Surgutneftegas, but the deal fell through, Hungarian national daily Népszabadság reported.

The offer was made by businessman Kirill Kasatkin, a representative of the British company Sinocor, who offered shares in privately-owned British chemicals company Ineos in exchange for Surgutneftegas' stake in MOL, the daily reported citing unnamed sources.

The transaction has not materialized, however, the daily wrote.

Asked by Népszabadság, MOL denied that either the company or its managers has been in contact with Sinocor.

The report came just days after MOL denied a report by the Russian business daily Vedomosti that it had made an offer to buy its own shares from Surgutneftegas.

Surgutneftegas acquired a 21.1% stake in MOL from Austrian peer OMV for €1.4 billion in March 2009. MOL's management called the deal unfriendly and Hungary's president expressed concern about the transaction. (MTI – Econews)