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MOL offer for INA likely to attract few shareholders

Hungarian oil and gas company MOL's price in a public purchase offer for the 30% of Croatian peer INA's shares in free float is likely to convince small shareholders to part with just 6%-7% of shares, an analyst said.

MOL announced on Monday it would offer HRK 2,800 per share in the offer.

MOL already owns 25% of INA and it is in talks with the government on the sale of the 45% state-owned stake in the company.

MOL will probably reach an agreement on acquiring the 45% stake in a one or one and a half months, Cashline Securities chief analyst Kornél Szabó told tozsdeforum.hu. The transaction could take the form of a share swap, and the government could also take INA's spun-off gas unit in exchange for a 20% stake in the parent company, the local press has reported.

MOL may not even plan to boost its stake in INA over 50%, Szabó said. A 45% stake would allow MOL's management sufficient ownership rights to validate their interests. (MTI – Econews)