Cash-hungry Mol faces a postponement
The European Commission yesterday postponed making a decision on the approval of a takeover of the gas business of Mol by E.on Ruhrgas from 17 November to 29 November. This minor delay may prove to be bad news for Mol, which is currently in a bidding process for Turkish refinery Tupras. Tupras'''' market value has increased recently as a result of skyrocketing oil prices and now might be more than USD 2 billion. However, Mol only has a financial flexibility of around USD 1 billion nowadays and will badly need some fresh cash, available from the E.on deal, if it is approved by the Commission.
