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Croatia competition agency approves MOL-INA deal

The Croatian Competition Agency gave conditional approval for a deal allowing Hungarian oil and gas company MOL to gain control of Croatian peer INA, Reuters reported.

The agency ordered INA to sell its retail unit Crobenz within nine months as a condition for the approval.

The deal, struck between MOL and Croatian government in January, has already been approved by the European Commission. It gives MOL three seats - including the chairman - on INA's six-member board. Although the chairman's vote is the tie-breaker, the government has veto rights ensuring the national security of energy supply and for some decisions affecting strategic assets of INA.

MOL raised its stake in INA to 47.16% in a public purchase offer last autumn. The Croatian government owns 44% of the company. (MTI – Econews)