The sole shareholder of Slovnaft will be MOL, the extraordinary general meeting of the company decided
- The Extraordinary General Assembly of Slovnaft approved today the transfer of shares of minority shareholders to MOL Nyrt.
- MOL will pay EUR 85 to minority shareholders for each share following the share transfer
Bratislava, 10th October 2019 –The Extraordinary General Meeting of shareholders of SLOVNAFT, a.s., approved today the transfer of shares held by minority shareholders to MOL Nyrt. The sole shareholder of the Bratislava refinery and the largest fuel retailer in Slovakia will be the international oil and gas MOL Group, which has so far controlled Slovnaft's 98.72% share.
MOL announced its intention to increase its share in Slovnaft in April and subsequently offered shareholders an option of selling their shares as part of a voluntary buyout offer. The aim was to simplify and rationalize the ownership structure of the Slovnaft. In August, MOL announced that it intends to exercise the right to squeeze-out minority shareholders' shares in accordance with legislation, which was approved by the National Bank of Slovakia in September, including its terms and conditions.
Based on today's decision of the Extraordinary General Assembly, the shares will be transferred to MOL and minority shareholders will be paid EUR 85 for each share. The price was determined on the basis of the criteria set out in the Securities Act, whereas MOL Nyrt. had to offer the highest price according to these criteria. The amount to be paid to the shareholders by the majority shareholder has already been deposited at a bank. Minority shareholders will be paid for Slovnaft shares via bank transfer or postal orders.
MOL entered Slovnaft in 2000 at first as a strategic partner and in the following years increased its share to more than 98%.