Four Croatian pension funds snapped up nearly 4% of shares of oil and gas company INA during a public purchase offer by Hungarian peer MOL, preliminary data from Croatian clearing house SKDD show.
MOL, which holds a 47.2% stake in INA, made a public purchase offer for the 8% of INA shares in free float in mid-December. MOL offered HRK 2,800 per share, the same as the price in a public purchase offer made in the autumn of 2008. But other market players, among them the pension funds, appeared to outbid MOL, pushing the share price over the offer.
The Croatian state holds 44.8% of INA.
The pension funds, run by Allianz, Raiffeisen, PBZ Croatia and Erste, held 3.89% of INA shares when the offer closed, the preliminary data show. The data also show a US investor acquired a 0.9% stake during the offer -- some speculate on behalf of MOL.
Final, official results of the offer are to be announced within ten days from the close, MOL said on Friday. (MTI – Econews)