Golden share in MOL to go, opening door for Orlen deal?

Rumors concerning the potential merger of PKN Orlen with Hungary's MOL to form a central European oil giant continue to abound as the process enters yet another phase. Following market analysts' speculations that the state would hold too much of a stake in the venture, the Hungarian government has announced that it is ready to give up its golden share, which at present gives it the power to veto changes to the company's structure and other strategic decisions. "If such a decision will finally be made, as requested by the EU, it will be harder for us to find reasons for maintaining the strong influence of the State Treasury in the Płock-based concern," a top manager at Nafta Polska said. On the other hand, Orlen's management is looking forward to such a decision, claiming that the liquidation of the golden share rule would facilitate merger negotiations. (Puls Biznesu, p. 5) A.K.