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Croatia to offer Hungaryʼs MOL new shareholder agreement on INA

Deals

Croatia is planning to offer Hungarian oil and gas company MOL a new shareholder agreement for the jointly-owned, Zagreb-based oil and gas company INA, Croatian Economy Minister Ivan Vrdoljak told Reuters yesterday.

MOL owns 49.08% of INA shares, while the state of Croatia owns 44.84%. The two main shareholders have been at odds for several years over management rights and the future developments of one of Croatiaʼs largest companies.

"We have prepared a proposal for the new shareholder agreement," Vrdoljak said, adding that it would be sent to MOL "very soon", but he did not give further details on the agreement.

The last round of talks between Zagreb and MOL, which began in 2013, was ten months ago and no progress has been made. Zagreb wants more influence in decision-making at INA, while MOL wants to retain its management rights and has said it is ready to sell its stake in INA if no agreement can be reached.

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