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Merrill to table advise on INA sale in 60 days

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.