Hungarian player MOL said it is set to sell an 8% stake to the Oman Oil Company (OOC) for $145.4 per share, in a further move to fend off a takeover approach from Austria's OMV.
MOL, which earlier announced that a Hungarian bank MFB would transfer back 6.4 million shares under a stock lending agreement, said OOC would end up owning 8.77 million shares of its stock and that the two would sign a co-operation agreement.
The Hungarian producer said that as part of the deal it would take over "certain international assets and cash from OOC" but did not specify which assets.
MOL, which is headed by Zsolt Hernadi, has engaged in a series of stock lending agreements to fend off OMV, with analysts estimating it and its allies control around 44% of the company's stock.
OMV, which owns 20.2% of MOL, has said it is willing to offer 32,000 forints ($183) per share for the Hungarian company if it is willing to end its anti-takeover defences.
It has submitted a motion to MOL's annual meeting on 24 April to end the stock lending agreements.
© Upstream 2008
