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Market watchdog extends suspension on trade of INA shares

Croatian financial market watchdog HANFA has suspended trade in shares of oil and gas company INA for another week, HANFA said on Monday.

HANFA extended the suspension until April 8. HANFA suspended the shares last Monday to allow time to indentify foreign purchasers of the shares.

MOL owns 47.25% of INA and the Croatian government holds 44.84%.

MOL made a public purchase offer for the 8% of INA shares in free float last December. MOL offered HRK 2,800 per share, the same as the price in a public purchase offer it made in the autumn of 2008. But other market players appeared to outbid MOL, pushing the share price over the offer. MOL raised its stake by just 0.1% in the offer.