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Offer to purchase company rejected.

Hungary's Mol Group, Budapest, denied that a declaration of intent to acquire the company by Vienna-based OMV Group (Vienna: OMV) constituted a formal offer. Mol reports OMV's approach substantially undervalues Mol's business and prospects and would be destructive to value. "OMV's move does not merit further consideration and Mol will not be entering into dialog with OMV to discuss the approach," Mol reports. Mol corporate communications vice president Szabolcs Ferencz says, "Today's announcement from OMV contains no new material information compared to the approach previously unanimously rejected by Mol's board of directors, except that the release states that OMV is not able to get control over Mol. The release fits into OMV's unilateral and hostile communication. "Mol has exciting growth prospects as an independent company and, as before, we see no point in wasting time on a conditional approach which does not offer benefits to our shareholders and other stakeholders of Mol."