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Hernádi urges speedy resolution of MOL-Croatia clash

Deals

MOL chairman/CEO Zsolt Hernádi urged a quick solution to issues over the fate of its stake in Croatia-based peer INA after today’s shareholders’ meeting.

MOL chairman/CEO Zsolt Hernádi urged a quick solution to issues over the fate of its stake in Croatian peer INA after today’s shareholders’ meeting.

Hernádi lamented that tensions between MOL and the other major stakeholder in INA, the government of Croatia, had too long weighed on share price and caused much uncertainty – this despite announcements at the shareholders’ meeting of expected increased production for 2014, payment of a fat HUF 60 billion dividend and the opportunity to throw some $1 billion into new acquisitions.

The CEO, currently wanted by Croatian authorities for his part in the bribery of now-convicted former prime minister Ivo Sanadar, added that MOL was open to and prepared to seek either a successful and fast solution with the Croatian government or to sell its stake in INA.

MOL is dissatisfied with the pace of talks with the government and is ready to accelerate talks, he declared, with the pace of negotiations costs MOL shareholders several million dollars a day. One wonders how much of a dividend – not to mention Hernádi’s own take – might be in a world without the negotiations.

Croatia’s National Economy Minister Ivan Vrdoljak stated earlier this month that a next round of talks between his government and MOL would take place by mid-May; Hernádi similarly earmarked such a target today as well.

-- material from national news service MTI was used in this article

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