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MOL to cough up Ft 300 billion for INA public purchase

A buyout offer by Hungarian oil and gas company MOL for Croatian peer INA could cost it Ft 296 billion, Econews calculated based on analysts' estimates of the anticipated offer price.

MOL, which holds 25% of INA shares, has asked Croatia's financial regulator for permission to make a public purchase offer for the shares.

Analysts quoted in the Hungarian and Croatian press say MOL is likely to ask between HRK 2,600 and HRK 3,300 for the shares.

Econews calculated that acquiring the 31%, or 3,015,081, of INA shares in free float would cost MOL Ft 296 billion if the offer price is around HRK 3,000 per share.

MOL had capital reserves of Ft 786.9 billion, its balance sheet from June 30, 2008 shows.

MOL, however, is not the only one interested in the share packet. Other parties thought to be eyeing the stake are Austria's OMV and Russia's Lukoil.

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. (MTI – Econews)