OMV: MOL Stake Sale Price Approximately Equals Buy Costs

Austrian oil and gas company OMV AG (OMV.VI) said Monday the sale of its 21.2% stake in Hungarian peer MOL Nyrt. (MOL.BU) brought in just about enough to cover the initial costs of the stake.

OMV sold the stake to Russian oil company OAO Surgutneftegas for EUR1.4 billion, or 19,212 forints ($82.37) a share, compared with an average purchase price paid by OMV of around HUF16,000 a share.

According to a research note published by Wood & Co., the transaction produced a one-off gain for OMV of EUR230 million, but OMV spokesman Thomas Huemer refuted this calculation.

"It isn't correct; we stick to the message that the deal brought in an amount equal to the total expenses we had in connection with purchasing the stake," Huemer said.

The actual gain was influenced by a weakening of the Hungarian forint against the euro by about 18%since the beginning of the year, as well as various fees and costs connected with the stake-building, Thomas Huemer said.

Still, "we are very pleased with the price we achieved, considering the current market environment," Huemer said.

At 1121 GMT, OMV shares were up EUR0.7, or 2.8%, at EUR25, with the overall Vienna ATX20 index down 1.2%.

-By Flemming E. Hansen, Dow Jones Newswires; [phone]; [e-mail]