Monthly M&A Insider - Mergermarket

CEE and CIS
Russian Oil producer buys into Hungary
• Austrain oil and gas company OMV AG sold its 21.2%
stake in the Hungarian energy company MOL to OJSC
Surgutneftegas, the Russia based holding firm, for
€1.4bn. OMV’s move came as a logical step after its
bid to merge with MOL failed in August 2008 due to
European competition concerns. Surgutneftegas offered
€63.1 per share which stood up almost 100% of MOL’s
closing share price of €33 per share one day before the
transaction, on 27 March 2009.
• The acquisition of MOL shares is expected to establish a
firm foothold to start long-term beneficial cooperation and
promote energy security in Europe. Surneftegas is the
fourth largest integrated oil producer in the Siberian city
of Surgut. It employs over 100,000 people and reported
net profit of RUB120bn (€2.67 bn) in the third quarter
of 2008. The company’s move has received a frosty
reception in Hungary, as some regarded the acquisition
as unfriendly. The deal has received warnings from the
Hungarian government and the country’s main opposition
party not to launch a hostile takeover of the entirety of
MOL. Surgutneftegas expressed that it does not have any
intention to launch a hostile takeover bid.
A-Tec poised to snap up Serbian copper mine
• The Serbian Privatization Agency has announced that
A-Tec, the listed Austrian industrial/mining conglomerate,
will be the only company eligible to bid for the proposed
privatisation of RTB Bor, the Serbian state-controlled
copper mining and smelting group.
• A-Tec had won the last tender for RTB, bidding $466m
in early 2008. The tender was later abandoned by the
Privatisation Agency after A-Tec failed to raise the money
in time. The deadline for bids in the new tender expired
on April 3, and A-Tec now has to submit their bid by April
21, together with a guarantee of $10m.
• The Privatization Agency called the latest tender on
February 27, offering a 40% stake in a new company
to be formed by merging RTB, the Bor and Majdanpek
copper mines, and the Topionica i Rafinerija company.
With declining copper prices as a result of the
international economic slowdown, this marks a revision
from the previous tender held last November. The
government then offered a 67% stake in the company,
requiring a minimum investment of $ 300m.
Ness Technologies is rumoured to be
interested in Sygnity
• Sygnity, the listed Polish IT integrator, is rumoured to
be acquired by the Israeli IT firm, Ness Technologies.
Recently, Ness announced that it is looking for
acquisitions in Eastern Europe. The parties entered
into a strategic partnership agreement in July 2008 to
offer better services to its customers in the central and
Eastern Europe and to create opportunities in Western
Europe. According to the Israeli papers, it is the right time
for Ness to make a move for Sygnity since the dollar is
stronger and Polish companies are observed to become
cheaper in the markets. Sygnity has market capitalisation
of PLN 230m (€51.6m).
For the purposes of this report Russia has been excluded in the definition of CEE/CIS.
Monthly M&A report – 183