Mol abandons share swap with Alteo and Waberer's after missing regulator approvals

Mol issued a statement on the Budapest Stock Exchange platform indicating that it is terminating the share-exchange arrangement with Alteo and Waberer's. The agreement, announced in early April, would have seen Mol acquire a portion of Alteo while the Főnix private-equity fund received a stake in Waberer's, increasing the fund manager Tiborcz István's influence over the latter. Completion depended on approvals from the Magyar Nemzeti Bank, the Magyar Energetikai és Közmű-szabályozási Hivatal, and the Gazdasági Versenyhivatal. Because these authorisations were not secured by the contractual deadline, Mol withdrew from the transaction and announced the cancellation publicly.