“It happens that a change takes place in the privatization strategy of a country, and we understand this,” Szijjártó said, referring to similar experiences in Hungary. However, he added that the negotiating parties must be aware that “at least as much money as the amount that left Hungary through investments in INA must return to Hungary in the event of the repurchase of the INA stake.”
Croatian Prime Minister Andrej Plenković said in late December that the state would buy back MOLʼs 49% stake in INA. The announcement followed a decision by the Arbitral Tribunal of the United Nations Commission on International Trade Law (UNCITRAL) dismissing the Croatian governmentʼs claims against MOL of bribery and alleged breaches of a shareholdersʼ agreement.
A 2009 amendment of INAʼs shareholdersʼ agreement gave MOL three seats, including the chair of INAʼs six-member board of directors, with the other three seats as well as a right of veto in special strategic issues held by the Croatian government. MOL also has five places on INAʼs nine-member supervisory board.
MOL bought 25% plus one share of INA for USD 505 million in 2003 and raised its stake to 47.16% in a public purchase offer, paying a total of EUR 873 mln for 22.16% of the shares in 2008.
MOL currently holds 49.08% of INA shares. Its holding is worth about EUR 1.9 billion at market price. The Croatian government holds a 44.84% stake.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
