Limit on foreign ownership in INA would go against EU principle - paper
Any attempt by the government of Croatia to limit ownership in oil and gas company INA would go against European Union rules prohibiting market discrimination, Hungarian ambassador to Croatia Gábor Iván said on the website of daily Vecernji List on Monday.
Iván was commenting on reports the Croatian government wants to limit foreign ownership in INA to 49%.
"A law that would limit the ownership in INA goes against a fundamental principle of the EU's internal market, namely the free movement of capital," Iván said.
MOL holds a 47.46% stake in INA and the Croatian government owns 44.84%. A recent purchase offer to INA shareholders by MOL failed to give it a majority stake in the unit.
Iván noted that Hungary had been forced to withdraw legislation limiting foreign ownership in MOL four years ago.
The legislation was drawn up as the company faced a hostile takeover by Austria's OMV.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 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.