November 13, 2007 / 3:54 PM / 13 years ago

EU starts legal action against Hungary's MOL law

BRUSSELS, Nov 13 (Reuters) - EU Internal Market Commissioner Charlie McCreevy has opened legal action against Hungary over the country’s so-called Lex MOL law, the bloc’s executive European Commission said on Tuesday. “The European Commission has decided to send Hungary a letter of formal notice concerning its Act CXVI of 2007 ‘amending certain acts relating to companies of particular importance for the security of public supply’, which is considered incompatible with EC law,” the EU executive said.

The law is widely seen as helping to fend off foreign takeovers of Hungary’s MOL (MOLB.BU) oil firm.

Austrian oil group OMV (OMVV.VI), which holds just over 20 percent of MOL, proposed a merger with MOL earlier this year but MOL rejected the offer. (Reporting by Huw Jones; editing by Dale Hudson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below