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Skip Navigation LinksHome :: Markets/asset classes :: Central and Eastern Europe :: MOL’s bid for Croatian peer INA expected to attract 6-7% of shareholders.

Wednesday, September 3, 2008

MOL’s bid for Croatian peer INA expected to attract 6-7% of shareholders.





MOL’s bid for Croatian peer INA expected to attract 6-7% of shareholders. The public buyout bid of oil and gas group MOL for free-floating shares of Croatian peer INA could be expected to stimulate only small shareholders, according to market analysts, cited by MTI Econ . As a result, MOL could boost its holdings in INA by around 6-7% stake. Currently, the Hungarian company holds 25% of INA shares while the public bid concerned a total of 30.15% shares. As we reported earlier, the Croatian financial market regulator Hanfa approved the buyout bid with a price of HRK 2,800 per share, bringing its total value to HUF 286bn (EUR 1.2bn). In addition, MOL continued talks with the Croatian government on acquiring a further 14% stake. According to acting Croatian legislation, if the per-share price in the potential transaction with state INA shares is higher than the buyout bid and it takes place within a year of the bid, MOL will have to compensate the shareholders, who accept the bid, for the difference. Unconfirmed reports also suggested that MOL might have struck an agreement with the Croatian cabinet to transfer INA’s gas business to the Croatian state in exchange for receiving a close to 20% stake in INA. Nevertheless, a share swap with MOL shares was allegedly still the preferred option for the Croatian side. Analysts suggested that MOL might not need to gain a majority control in INA and a 45% stake would be sufficient to support its interests in the company. Successful negotiations with the cabinet on the 14% stake and a bid outcome in line with the expectations should be thus adequate to secure this degree of ownership for MOL.







This proposal goes against the heart of Basle II

Alexander Batchvarov, Merrill Lynch

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