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Mol Nyrt. (MOL), Hungary’s biggest refiner, dropped after Gulf Keystone Petroleum Ltd. (GKP), the company’s Iraq exploration partner, denied a report that Exxon Mobil Corp. (XOM) is considering a takeover offer for the company.

Mol’s shares fell 1.8 percent to 17,930 forint by 10:44 a.m. in Budapest after soaring 6 percent yesterday. The BUX index (BUX) of shares, in which Mol has a 34 percent weighting, weakened 0.6 percent to 17,421.40.

Gulf Keystone’s board is not in discussions with regard to a sale of the company, the Bermuda-based company said in a statement late yesterday. The Independent on Sunday reported on Dec. 18 that Exxon, the world’s largest oil company, is weighing a bid.

“We may see some correction in today’s trading” in Mol because of Gulf Keystone’s denial, Peter Csaszar, a Warsaw-based analyst at KBC Securities, wrote in a research report today.

To contact the reporter on this story: Andras Gergely in Budapest at

To contact the editor responsible for this story: Gavin Serkin at

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