The Czech energy giant ČEZ will be selling off the 7.5 percent share it holds in the Hungarian oil and gas producer MOL, according to a report in the daily Hospodařské noviny. The company acquired the stake in 2007. The company’s spokesman said the move had been sparked by a sharp rise in the share value of MOL, adding that the current selling price would represent a 4 percent annual return on the investment. The two companies agreed as part of the deal to build gas-powered electricity plant in Hungary and in Bratislava, but that these plans had been scuppered by the realization that such an investment would produce losses. At that point, the stake in MOL became of secondary importance to ČEZ.
