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Hungarian pharmaceutical firm Richter Gedeon announced plans to buy an 80.6% stake in Russia's OAO Akrihin and a 99.7% stake in Poland's Polpharma in deals totaling $1.46 bil. The purchases would make Richter Gedeon the largest pharmaceutical firm by market capitalization in Eastern and Central Europe.

Following the resignation of Hungary's prime minister, Peter Medgyessy, the country's ruling Socialist Party prepares to vote on his successor. Medgyessy resigned amid disputes over how to enact the economic reforms necessary for Hungary to meet the financial requirements of its new membership in the European Union. While the Socialist Party decides between a former labour minister and a wealthy businessman, investors are most concerned about whether the new prime minister will retain the current finance minister Tibor Draskovics.

The Banking Authority PSZAF of Hungary has approved Citibank's planned takeover of ING Bank's retail division, Citibank Rt. Citibank is acquiring the unit for an undisclosed amount.

OTP Rt. of Hungary has maintained in the level of $128.5 million to $130.8 million in its projections for 1998 consolidated pretax profit, despite fallout from the financial crisis in Russia. The bank, the largest in Hungary, believes that the unconsolidated pretax profit target of 25 billion forints is realistic, according to chief executive Sandor Csanyi. OTP added that the it recorded pretax profit of 21.82 billion forints in the first nine months, a higher figure compared to 17.35 billion forints posted for the same period in 1997.

Magyar Olaj Es Gazipari Rt. of Hungary has reported a 5.1% increase in its shares following an announcement disclosing a rise of more than twofold in earnings for a nine-month period in 1998. The oil and gas company said net profit grew to $178 million (38.8 billion forints) for the for the first nine months, exceeding analysts' projections of a net profit of 38 billion forints. MOL believes that the growth is indicative of the company's success in overcoming a large decrease in crude-oil prices.

Pick Szeged Rt. of Hungary is expected by analysts to see its shares outperform the local equity market in the long term, but expressed caution in the short term. The meat company is well-positioned to gain from a predicted shakeout among meat entities in the country, with their sales greatly affected by Russia's political and financial crisis. An analyst said Pick could expand its product range on the domestic market as small companies go bankrupt in their struggle to regain markets in Russia, one of their primary export markets.

Postabank Rt. needs more capital infusion from the state, which has become is major shareholder, according to Hungarian Minister of Finance Zsigmond Jarai. Jarai said that the bank is forced to use several tens of billions of forints in taxpayers' money to stabilize the bank. The capital needed by the bank could range between 40 billion forints and 100 billion forints. According to reports, the bank had 102 billion forints of 'off-balance sheet' liabilities, including 54.8 billion forints in pending liabilities at the end of 1997.

The forint currency in Hungary has been devalued as that country attempts to join the European Union (EU). The unexpected decision is expected to be copied by other potential EU member countries.

Richter Gedeon Rt. posted a rise of 14% in its net profits for the 2002 second-quarter. The Hungarian drug maker, helped by strong domestic sales, posted 7.32 billion forints (30 million euros) for the period.

Hungary's National Bank is considering imposing a freeze on interest rates after a report revealed that January 2002 inflation was higher than expected. If not a freeze, the bank may instead impose a moderate reduction in interest rates.

Raiffeisen Bank Rt. may attempt to acquire Postabank Rt. if the government of Hungary decides to sell it. Postabank is the state-owned rival of Raiffeisen.

Orszagos Takarekpenztar and Kereskedelmi Bank Rt. has offered to repurchase all of its preferential stock until January 31, 2001. The bank will pay 10,000 forints (37.81 euros) per share.

BorsodChem Rt has initially succeeded in preventing a hostile takeover attempt by OAO Gazprom. BorsodChem's stockholders were able to hold off a takeover move by postponing a shareholders meeting scheduled for November 24, 2000.

The European Bank for Reconstruction and Development (EBRD) is not planning to increase its share in BorsodChem Rt. The EBRD made its decision because of BorsodChem's lack of shareholder structure transparency.

TVK Rt. and Raba Rt. both posted net profit increases for the first nine months of 2000. TVK's net profits more than doubled for the period to 12.37 billion forints. Raba posted a 19% rise in its net profits to 2.8 billion forints for the period.