The shares rose 2.7 percent, the most since Sept. 11, to 14,160 forint at the close in Budapest. About 118,000 securities were traded, or 34 percent more than the three-month average. The stock is down 20 percent this year amid a dispute with the Croatian government over management rights in its INA Industrija Nafte dd unit.
Mol agreed to purchase a shareholding interest in 14 licenses of BASF SE (BAS)’s Wintershall U.K. North Sea basin offshore assets to “mitigate” a trend of decreasing daily production in its overall portfolio, the company said in an e-mailed statement today. It expects to close the $375 million deal in the first quarter of 2014.
“The news has brought a shift for Mol’s shares that have been hit hard,” Budapest-based economists at Erste Group Bank AG, including Tamas Pletser, wrote in an e-mailed note today. There will be more acquisitions from the company, they said.
Six analysts, including Erste’s Pletser, have a hold rating on Mol’s shares, six recommend buying the stock and five say sell, according to data compiled by Bloomberg.
“This may be a more stable region politically than Syria, or as Croatia may turn out to be,” Zsolt Balasy, a Budapest-based equities strategist at Bayerische Landesbank’s MKB Bank unit, wrote in an e-mailed note.
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