The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Second round for INA's privatization

Croatian oil company INA will undertake a 15% initial public offering by the end of the year. Existing 25% shareholder and Hungarian peer MOL is keen to raise its stake to enhance its strategic position in the region.

3701-000842-11.jpg

Dividing up the cake  INA-MOL's regional ambitions

THE CROATIAN GOVERNMENT has announced the continuation of the privatization of INA, the national oil company, by inviting bids to act as financial adviser for an initial public offering of 15% of the company's shares.

The IPO constitutes the second stage in INA's privatization. The first was the sale of 25% plus one share in October 2003, in which Hungarian oil company MOL made the winning bid of $505 million. That valued INA at just over $2 billion.

Damir Polancec, Croatia's vice-president and a member of INA's supervisory board, was appointed head of the special commission to oversee the continuation of the privatization. Polancec told Euromoney that bids were delivered by late August and that the IPO itself was targeted for December but he is careful to state that the "quality of the work is much more important than the deadline – we won't be held as slaves to the deadline".

The financial adviser will have four tasks. It will assess the value of INA, make the necessary preparations for the IPO, advise on the best models for the privatization of further INA shares (see box) and take part in negotiations with potential strategic investors interested in these further shares.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree