Energy giant to take majority stake in leading university

Hungary’s international oil and gas company MOL is set to take majority ownership in the state-owned company running Budapest University of Technology and Economics (BME), Hungary’s most prestigious engineering institution, for HUF50 billion (US$141 million), reports bne IntelliNews.

The energy giant did not issue a statement; the announcement was made by Innovation and Culture Minister Balazs Hanko at a ceremonial session of BME on 31 May.

The size of the stake MOL would buy was not disclosed, but Hanko said the state and the university would hold on to their golden and silver shares, allowing them to retain their strategic interests. The transition, formalised in a government decree published on 30 May, marks the latest milestone in Hungary’s ongoing restructuring of its higher education system. Five years ago, the government transferred state universities to public foundations run by public interest trusts.
Full report on the bne IntelliNews site