euro adhoc: OMV Aktiengesellschaft / Mergers - Acquisitions - Takeovers / Update on OMV's Declaration of Intent

Geschrieben am 04-12-2007

Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.


On September 25, 2007, OMV announced that it was in a position to
offer MOL's shareholders HUF 32,000 per share in cash, representing a
43.6% premium to MOL's unaffected share price of HUF 22,290 on May
21, 2007, and a 29.1% premium to yesterday's closing price. The
Declaration identified that OMV would be prepared to make an offer
once the two impediments to achieve voting control of MOL have been
removed, namely the state-imposed 10% voting limitation and the
cancellation of shares under management control. This announcement
provides an update on OMV's position regarding the developments since
the Declaration of Intent, including feedback from shareholders, and
the next steps that OMV intends to take.

In summary: - OMV is encouraged by the strong reception received from
both OMV and MOL shareholders for the industrial logic and strategic
rationale for a combination of the two companies. In the context of
the ongoing consolidation within the industry in Central Eastern
Europe, OMV intends to proceed in taking the necessary steps to
remove the impediments to the transaction; - OMV notes that the
European Commission has sent a letter of formal notice to the
Hungarian Government regarding Lex MOL and certain other restrictions
of free movement of capital and the right of establishment; - OMV
believes that MOL should make absolutely transparent the arrangements
around all shares bought using the Company's resources, and that such
treasury and quasi treasury shares should carry no votes with all
economic rights attached to them to accrue to MOL and its real
shareholders; - Based on the limited data available, OMV is not
convinced by the strategic rationale and value creation of MOL's
recently announced transactions. OMV feels that its proposal
represents greater value to MOL's shareholders than MOL's independent
value proposition; - OMV shall continue endeavours to engage with
MOL's management regarding the intention to make an offer for MOL,
including concerns regarding the corporate governance of the Company.
If OMV is unable to achieve satisfaction through an open dialogue,
OMV is prepared to initiate an EGM to enable all of MOL's
shareholders to exercise their rights as owners of the Company; - OMV
has in addition begun litigation proceedings against MOL to reserve
OMV's rights on certain matters.

Wolfgang Ruttenstorfer, CEO of OMV, said on behalf of the OMV
Executive Board: "We have been encouraged by the response to our
Declaration of Intent. The financial benefits of the offer we would
be prepared to make and the strategic rationale have received a
strong reception from both OMV shareholders and the shareholders of
MOL. The overwhelming majority of those shareholders of MOL we have
spoken to share our concern regarding the fiduciary duties of MOL's
Board of directors owed to shareholders. Therefore we are again
requesting that MOL's Board of Directors exercise their fiduciary
duties to all shareholders by removing the impediments to an offer
being made, allowing OMV to present a formal offer which can be
decided upon by the shareholders. Failing that, we are prepared to
initiate an EGM to provide an open and public forum for shareholders
to discuss OMV's proposals with the Board of MOL."

Shareholders see industrial logic and strategic rationale for a
combination of OMV and MOL

OMV has engaged with a number of significant shareholders in both OMV
and MOL to discuss the Declaration of Intent and to determine their
view on OMV's ongoing actions. To date, OMV has received strong
support from the majority of both OMV and MOL shareholders to which
it has spoken for the industrial logic and strategic rationale for a
combination of the two companies, as well as for the removal of the
two impediments specified in the Declaration of Intent. In the
context of the ongoing consolidation within the industry in Central
Eastern Europe, OMV reiterates its belief in the value that could be
created from the combination, taking into account any remedies which
may be required by the European Commission. OMV continues to have an
intensive dialogue with the Commission as part of a confidential
guidance process on anti-trust matters and will update the market on
any material progress as and when appropriate.

European Commission infringement proceedings

OMV has closely monitored the drafting and passing of Lex MOL by the
Hungarian legislature. OMV noted the European Commission's letter of
formal notice to the Hungarian Government concerning Lex MOL, in
particular that they consider that it tends to restrict the free
movement of capital and right of establishment especially in
combination with some types of special rights in certain privatized
companies. OMV also understands that the European Commission
continues to investigate the "Golden Share" arrangements of the
Hungarian State, including the preference share it holds in MOL.
Furthermore, OMV is of the opinion that the state imposed 10%
restriction on voting rights contained in MOL's Articles of
Association also constitutes an unjustified restriction on the free
movement of capital within the European Union. Actions by the
Commission, coupled with the fiduciary duty of MOL's Board to act in
the best interest of the Company, reinforce OMV's belief that the
impediments will be removed and that achieving a combination with MOL
is possible.

MOL shareholder dissatisfaction regarding treasury share position

In discussions with MOL's shareholders, OMV has also consistently
registered opposition to MOL's use of company funds to repurchase
shares and, through various financial structures, place them with
institutions which are believed to be close to MOL's management.
Notwithstanding the authorisation granted to MOL's Board of Directors
from April 26, 2007, to acquire treasury shares up to 10% of the
registered share capital, like OMV, many are concerned that MOL's
management is trying to take away the ultimate control of the Company
from its own shareholders. Although OMV has asked for clarification
of the arrangements that have been put in place with OTP, MFB Invest,
Magnolia and BNP, MOL's management has refused to answer the
legitimate questions to date. OMV feels it is highly important for
all shareholders to have full transparency around MOL's treasury
share position and requests that MOL's Board observes the following
basic standards of good corporate governance and operates within the
frameworks of all relevant regulatory and legal requirements: 1.
Shares purchased by the issuer directly as well as shares purchased
by third parties acting on the issuer's behalf ('quasi-treasury
shares') must be treated in all respects as treasury shares in
accordance with the spirit and wording of the relevant Hungarian and
European legislation. As such, they should carry no votes and all
economic rights such as dividends should accrue to MOL and its
shareholders. 2. All shareholders must be treated equally: Structures
that allocate the voting rights of repurchased shares to specific
institutions or trusts are unacceptable and should be unwound
immediately. 3. Board Members should formally declare potential
conflicts of interest that may arise as a result of their positions
in other institutions that are counterparties to MOL with regard to
transactions in MOL's treasury shares and should make transparent the
true nature and content of such arrangements.

OMV as a major shareholder of MOL

Notwithstanding OMV's desire to launch a full tender offer for MOL,
OMV remains keen to hold MOL's management and Board to account for
the ongoing development of the Company. OMV has reviewed the plans
for MOL as an independent entity and remains convinced that MOL's
value proposition lies well below the intended offer of HUF 32,000
per share. The current share price shows that the market also seems
unconvinced by MOL's independent proposition. Furthermore, OMV has
studied the strategic and financial impact of the recent transactions
announced by MOL, such as the acquisition of IES, and the proposed
deal with CEZ whereby CEZ would purchase a stake in MOL of up to 10%.
Based on the limited data available OMV is not convinced that such
transactions create value for MOL's shareholders, but rather create
further impediments to MOL's shareholders realizing full value for
their investment in the Company. It concerns OMV that MOL's
management may pursue value destructive transactions in order to
frustrate a take-over and may disregard the wishes of the majority of
MOL's shareholders.

OMV is prepared to initiate an EGM

OMV continues to seek a dialogue with the Board of MOL and wishes to
directly engage with MOL's Board on the matters outlined above. If
all efforts are not successful, OMV is prepared to exercise the
right, as enshrined in the Hungarian Companies Act, to request
management to call an Extraordinary General Meeting ('EGM'). At such
an EGM all shareholders (other than the shareholders whose shares are
disenfranchised on the basis of the rules applying to treasury shares
and quasi-treasury shares) will have the right under Hungarian law to
voice their opinion regarding the observance of the above governance
standards by MOL's Board, and to ensure that MOL's Board aligns its
actions with the will of the majority of MOL's shareholders.

OMV started litigation against MOL

Finally, OMV has begun a process of litigation against MOL in the
Hungarian courts based on three elements of its Articles of
Association which in OMV's option violate Hungarian laws: (i) the
maintenance of the B share ("Golden Share") held by the Hungarian
State which has a veto right regarding the removal of the 10% voting
cap provided for in MOL's Articles of Association; (ii) the
discriminatory nature of the cap of 10% on voting power which does
not apply to the Hungarian State; and (iii) the constraint of
removing only a limited number of Board members at any one time. This
litigation process has been initiated to reserve the rights which
would otherwise expire towards the end of the year.

DISCLAIMER This announcement provides a selective update on the
developments relating to OMV AG's Declaration of Intent dated
September 25, 2007. To avoid misinterpreting OMV's message you should
read the full text of this announcement and not rely on a selective
reading of only parts of this announcement (including the summary).
This announcement does not constitute and should not be interpreted
as a formal takeover offer under any laws. This announcement is not
intended to and shall not be deemed to constitute an invitation to
invest in or otherwise deal in any securities or financial
instruments nor to provide any advice or recommendation to do so.

end of announcement euro adhoc 04.12.2007 07:15:00

ots Originaltext: OMV Aktiengesellschaft
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Relations:
Ana-Barbara Kuncic
Tel. +43 1 40 440-21443; e-mail: investor.relations@omv.com
Bettina Gneisz-Al-Ani
Tel. +43 1 40 440-21660; e-mail: bettina.gneisz@omv.com
Thomas Huemer
Tel. +43 1 40 440-21660; e-mail: thomas.huemer@omv.com

Internet Homepage: http://www.omv.com

Branche: Oil & Gas - Downstream activities
ISIN: AT0000743059
WKN: 874341
Index: ATX Prime, ATX
Börsen: Wiener Börse AG / official dealing


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