Merrill to table advise on INA sale in 60 days
Friday, September 23, 2005, 16:40
The Croatian government chose Merrill Lynch as its financial adviser in the sale of an additional stake in state oil concern INA, in which Hungary's Mol has a 25% plus one vote stake. Merrill Lynch will work in a consortium with a local branch of Raiffeisenbank Austria. Analysts estimated that the sale will not be completed before next spring. Croatia tentatively plans to offer 15% of INA on the stock exchange, and to sell an additional 7-7% percent to former employees and war veterans.