Akin Gump Advises Surgutneftegas on $2.65 Billion Share Sale to the Hungarian Government

(Moscow, Russia) – Akin Gump Strauss Hauer & Feld LLP has advised OAO Surgutneftegas in the sale of its 21.2% stake in MOL Hungarian Oil and Gas Company to the Hungarian Government for €1.88 billion (approximately US$2.65 billion). The transaction was announced in May and closed on July 6, 2011.

The firm also advised Surgutneftegas in 2009 in its initial acquisition of the 21.2% stake in MOL for €1.4 billion. Akin Gump also advised the client in connection with the dispute with the Hungarian state authorities regarding the recognition of Surgutneftegas’s shareholder rights. The dispute was a protracted affair which involved a multiplicity of actions before Hungarian domestic courts. Negotiations for settlement culminated in an agreed buy-out.

Corporate partner Natalia Baratiants in Akin Gump’s Moscow office led the team advising Surgutneftegas with support from Alexander Trukhtanov (counsel, Moscow), Richard Wilkie (partner, Moscow), Svetlana Volevich (counsel, Moscow) and Justin Williams (partner, London).

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, with offices in the United States, Europe, Asia and the Middle East.

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