The Austrian oil and gas operator OMV abandoned its hostile takeover bid for its Hungarian rival MOL. Both companies are active in several central and eastern European countries and are the only two integrated operators in Austria, Hungary and Slovakia. After the EC opened an in-depth investigation into the transaction OMV offered to share one of its refineries with an independent third party. According to OMV the EC rejected this proposal and asked OMV to divest one of its refineries. OMV found this remedy unacceptable and withdrew its bid. However, the EC published a press release suggesting that OMV’s decision was premature as OMV had not submitted a formal remedies proposal and could have continued to negotiate with the EC.