Croatia wants INA due diligence prior to MOL stake purchase

Deals

Croatia’s oil and gas group INA said in a statement posted on the Zagreb Stock Exchange (ZSE), that the Croatian government has asked it to provide due diligence information prior to the planned purchase of Hungary’s MOL stake in the company, news portal Seenews.com reports.

The company’s management board has approved the start of the due diligence process, INA said.

In early August, the government signed a EUR 9 million deal with international investment firm Lazard for consultancy services in the planned purchase of MOL’s stake in INA. Croatia’s Energy Minister Tomislav Ćorić has said that the government wants to have the due diligence report ready in the first quarter of 2020, when it plans to begin talks with MOL.

The Hungarian company is the biggest shareholder in INA with a 49.1% stake. The Croatian government owns 44.8%, with the remaining 6.1% held by institutional and private investors, SeeNews says.

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