Hungary’s MOL remains open to talks on the future of Croatian peer INA, the oil and gas company saidover the weekend, responding to an announcement by Croatia’s prime minister that the state would buy out MOL’s stake in INA. MOL said it had not yet been officially informed by the Croatian government on the matter.
The announcement was made after an international arbitration court in Geneva ruled in favour of MOL in acase brought by the state of Croatia. Plenković noted that the arbitration court had found insufficient evidence of corruption related to MOL’s acquisition of management rights in INA and had not invalidated a shareholders agreement between MOL and the Croatian government signed in 2009. MOL welcomed the court’s decision on Sunday.
It not going be a good bargain for the Croatians
MOL has 49 percentages of the INA’s shares, with this number the MOL has the majority shares, and therefore they make the strategic decisions in the creation company. The Croatian state vainly has the 45 percentage of the bonds they don’t have control of the management.
INA’s closing rate was 405 dollars recently; it means MOL’s share of the company cost 2 billion dollars. But the amount which is going to be paid by the Croatians could be much higher, because the possessor does not want to sell its shares.