Hungary central bank approves Mol's takeover bid for Alteo
Mol and Alteo announced in separate statements on the website of the Budapest Stock Exchange (BSE) late on Monday that the mandatory public takeover bid (made on 16 December 2022) by MOL RES Investments Ltd., a wholly-owned subsidiary of Mol, as well as Főnix Private Equity Fund, managed by Diófa Asset Management and Riverland Private Equity Fund, managed by Indotek-Investments Zrt. as persons acting in concert, regarding the purchase of the registered ordinary shares with a nominal value of HUF 12.5 each issued by ALTEO Energy Services Plc. has been approved by the National Bank of Hungary (MNB).
The proposed purchase price defined in the mandatory public takeover bid remain HUF 3.040 per share. The deadline for the declaration of acceptance regarding the mandatory public takeover bid commences on 10 February 2023 (at 9:00 a.m.), and ends on 13 March 2023 (at 3:00 p.m.).
Mol announced its intention to acquire a stake in Alteo on 17 December. The company would acquire a majority stake in the renewable energy company in a consortium with other private equity funds, with the aim of increasing its presence in green energy production in line with its strategy.
To this end, Mol RES Investments, a wholly-owned subsidiary of Mol, has signed syndicate and alignment agreements with the private equity fund Főnix, managed by Diófa Fund Management, and the private equity fund Riverland, managed by Indotek-Investments, under which the parties would acquire 61.557% of the shares of the majority owner Wallis Asset Management, split equally at a price of HUF 2,872 per share. In addition to the acquisition of Wallis' stake, the parties have made a mandatory public takeover offer for all ordinary shares at HUF 3,040.
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