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MOL to bid HRK 2,800 per share of INA

Croatian financial market watchdog HANFA said it approved on Monday a public purchase offer by Hungarian oil and gas company MOL for Croatian peer INA at a price of HRK 2,800 per share.

MOL, which already owns 25% of INA, is bidding for the 31% of INA that is not held by the state. Croatian war veterans and INA employees hold a 14% stake in INA, and 17% of the shares are listed on bourses in Zagreb and London. The state holds the remaining 44% of INA shares and has had talks with MOL on their sale, which could involve a share swap.

In August, analysts quoted in the Hungarian and Croatian press said MOL was likely to pay between HRK 2,600 and HRK 3,300 per share for the stake. Econews calculated that the HRK 2,800 offer will cost MOL about Ft 281 billion.

MOL had capital reserves of Ft 786.9 billion, its balance sheet from June 30, 2008 shows. (MTI – Econews)