‘Unstable’ Croatian gov’t obstacle to MOL’s sale of INA stake

Deals

The lack of stability of the Croatian government poses problems for the possible sale of Hungarian oil and gas company MOL’s stake in Croatian peer INA, Hungary’s Deputy Prime Minister Zsolt Semjén said on Croatian public service TV late Thursday, as reported by Hungarian news agency MTI.

If the Croatian side makes an offer and an agreement can be reached based on market terms, the Hungarian side is prepared to sell its stake in INA, Semjén said on Croatian HTV. The situation is made difficult, however, because Croatia does not have a stable government, he added.

“Hungary has a huge advantage in that it has a strong and stable government. Because of this, it can legislate with great speed if the economic situation requires it,” he noted.

MOL holds a little less than half of INA’s shares, but has management rights in the company.

Croatian Prime Minister Andrej Plenković said late in December that the state would buy back MOL’s stake in INA. The announcement followed an international arbitration court’s decision dismissing the Croatian government’s claims against MOL relating to bribery, corporate governance and alleged breaches of a shareholders’ agreement.

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