Hungary's MOL cancels share deal with Oman Oil

BUDAPEST, Dec 23 (Reuters) - Hungarian oil and gas group MOL MOLB.BU has cancelled the sale of 8.77 million of its shares to Oman Oil Co (OOC) in a deal dated March as the relevant third-party permits did not arrive on time, it said on Tuesday.

It said OOC, which earlier this week bought another 7 percent of MOL, boosting its stake in the Hungarian company to 15.4 percent, would transfer back the 8.77 million MOL shares received on March 12.

"After all these transactions OOC indirectly owns 7,316,294 ... "A" series MOL shares representing 7 percent of MOL's total registered capital," the company said in a filing with the Budapest Stock Exchange.

"The strategic cooperation between MOL and OOC will continue. The two partners have agreed in joint development of future business opportunities as strategic partners," the statement said.

MOL said the termination of the deal would have no impact on its consolidated IFRS-based results.

MOL announced on March 10 that it would sell 8.77 million of its treasury shares to government-owned OOC in a move which analysts said was aimed to help MOL fight off a hostile takeover approach by Austrian oil group OMV (OMVV.VI: Quote, Profile, Research) and give it new access to upstream investment.

OMV, which still holds about a fifth of MOL, called off its bid in August, ending a year-long standoff between the two companies.

MOL shares closed 5.5 percent lower at 10,300 forints ($54.67) on the Budapest Stock Exchange, underperforming a 3 percent fall in the wider market .BUX. (Reporting by Gergely Szakacs; Editing by David Holmes)