Hungarian oil and gas company MOL's offer for the free float on its Croatian peer, INA, runs out on Friday, but Croatian pension funds have already snapped up half of the available shares, an MTI correspondent said on Wednesday.
As a result of the high demand, INA price reached HRK 3,315 (HUF 123,321) on Wednesday. During the time of the offer 446,000 INA shares - 55.7% of all 800,910 in free float -- changed hands for HRK 1.31billion.
MOL, which holds a 47.2% stake in INA, made a public purchase offer for the 8% of INA shares in free float on December 14, 2010. MOL offered HRK 2,800 per share, the same as the price in a public purchase offer made in the autumn of 2008, and a 60% premium on INA's previous closing price.
The Croatian state holds 44.8% of INA. (MTI Econews)