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Despite EU warnings,

Hungary adopts law protecting energy companies

de     HotNews.ro
Marţi, 9 octombrie 2007, 0:00


The Budapest Parliament adopted on Monday a law that restricts takeovers of energy companies considered to be strategic for the economy of the country. The measure is primarily a precaution against any possible aggressive takeovers of the MOL oil company.

The news comes as the European Union pleads for measures aimed at opening the Hungarian energy market for acquisitions. EU officials warn that serious measures will be taken unless the passed law will not be modified.

The law passed by the Hungarian Parliament is known as Lex Mol law even though it aims at protecting all important energy companies, including the regional natural gas and electricity distributors.

The bill was passed with the support of all political parties.

According to the law, the interested investor needs to attach to the offer an approved business strategy by its directorate, informs the Budapest Business Journal.

Plus, public offers cannot be repeated in a six months period. Therefore, the board of the targeted company will have more time to think the transaction over and take the necessary measures against an aggressive takeover.

EU officials warn that serious measures will be taken unless the passed law will not be modified.























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