MOL published the letter from its proxy in Zagreb to HANFA on its website.
“After the expiration of the private offer period…MOL has acquired [INA] shares from third parties,” MOL said in the letter, confirming information in a statement published on April 28. “To the best of MOL’s knowledge related parties have not acquired INA shares,” it added
MOL also confirmed it “entered into transactions and concluded agreements for acquiring INA shares”, however, besides these transactions, “MOL did not provide any financial assets to any other entities for acquiring INA shares”. “To the best of MOL’s knowledge none of the companies affiliated with MOL have acquired shares issued by INA,” it added.
MOL owns 47.25% of INA and the Croatian government holds 44.84%.
MOL made an offer for the 8% of INA shares in free float last December. MOL offered HRK 2,800 per share, the same as the price in a public purchase offer it made in the autumn of 2008. But other market players appeared to outbid MOL, pushing the share price over the offer. MOL raised its stake by just 0.1% in the offer.
MOL has firmly rejected speculation in the Croatian press that it was behind the purchases of INA shares under scrutiny by HANFA.
HANFA on Monday extended a suspension of trade in shares of INA by one week. HANFA originally suspended trade in INA shares from April 28 until May 6 to give it more time to identify foreign buyers of the shares.
“On March 31 we asked Hungary’s MOL to provide us with information regarding their acquisition of INA shares and a possible agreement with other parties in relation to acquisition of INA shares. We have got no response so far and assessed the new suspension was necessary,” HANFA said when the suspension started.
In the letter published on Tuesday, MOL chided HANFA for procedural shortfalls related to the delivery of that letter as well as its content and the content of another letter dated May 2. MOL also noted “serious concern” about leaks of confidential information that “could only derive from the investigation authorities”.
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