OMV Withdraws Bid In Huff

Law360, New York (August 8, 2008, 12:00 AM EDT) -- Angry over the European Commission's demands, Austrian oil and gas leader OMV AG has ditched its $23 billion hostile bid for Hungarian rival MOL Rt. after nearly a year spent pursuing the deal.

On Wednesday, OMV announced the withdrawal, blasting the EC over its failure to accept the oil giant's modified proposal plan.

“We pursued our goal as long as there was a reasonable chance that such a transaction would meet our disciplined criteria for value generation,” said Wolfgang Ruttenstorfer, the chief executive of OMV. “Given...
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