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UPDATE 1-MOL shares fall 6 pct on report of big share auction
June 26, 2014 / 7:40 AM / 3 years ago

UPDATE 1-MOL shares fall 6 pct on report of big share auction

(Adds MOL statement, equity trader, updates market reaction)

BUDAPEST, June 26 (Reuters) - Shares in Hungarian oil and gas group MOL fell as much as 6 percent in early trade on Thursday, with traders citing a press report of an auction of up to 4.3 million MOL shares by unspecified investors on Wednesday.

At 0731 GMT, MOL shares were down 6 percent at 11,960 Hungarian forints, underperforming Budapest’s blue chip index, which was down 1.9 percent.

The business daily Napi Gazdasag reported that 4.3 million MOL shares, representing over 4 percent of MOL’s share capital, were offered up for sale in a price range of 11,800 to 12,200 forints. It said Citigroup was lead manager for the transaction.

“At this very moment we cannot give you more information than what is currently in the market,” MOL spokesman Tamas Berzi said in an emailed response to Reuters. He declined further comment.

A spokeswoman for Citigroup in Budapest was not immediately available for comment.

“We have read that one or more investors have sold shares and the transactions took place at the lower end of the price range,” said an equities dealer in Budapest, who did not wish to be identified.

“The falls are driven primarily by this, it was a pretty big chunk of shares so further falls cannot be ruled out.” (Reporting by Gergely Szakacs; Editing by Mark Potter and Susan Fenton)

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