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. Last Updated: 07/27/2016

Gazprom to Fight Sale

A company acting for Gazprom in Hungary said Tuesday it would take legal action to annul the sale of stakes in chemicals firm TVK by sector peer BorsodChem.

The sale was a blow to Gazprom’s expansion plans.

Irish-based Milford Holdings, which recently became BorsodChem’s largest owner on behalf of Gazprom by acquiring an almost 25 percent stake, announced the legal move in a statement.

It also said it would initiate the dismissal of certain members of BorsodChem’s board of directors at an extraordinary shareholders meeting.

BorsodChem announced over the weekend that it sold a 7 percent stake in TVK to oil group MOL, giving it 29.8 percent of TVK when combined with earlier stakes and allowing it to become TVK’s largest shareholder.