Croatia Steps Up Efforts to Take Full Control of INA

Source Reuters
Company INA GroupMOL Group 
Tags Deal Rumours, Upstream Activities, Issues & Setbacks, Government Policy, Refining & Marketing Activities
Date January 19, 2017

(Reuters) Croatia has stepped up plans to take full control of oil group INA by setting up a special group on Thursday to prepare a proposal for a buyout of Hungarian energy company MOL's 49 percent stake.

Croatia, which holds 45 percent of INA, has been at odds with MOL for years over management rights and investment policy at the Croatian oil company and said in December that it had approached MOL about a buyout.

The two have been unable to settle their disagreements over control of INA. Zagreb wants more influence in decision-making at INA, while MOL has wanted to keep its management rights.

Prime Minister Andrej Plenkovic will lead the new group, which includes several government ministers and will conduct talks with MOL on proposals for a buyout of INA shares."

I call upon those who believe they have a good model for this operation to present it publicly," Plenkovic told a cabinet session. "We will consider all the options and choose the most efficient one, taking into account that we do not want to raise the public debt."

He said he expected to hold talks with MOL next week.

MOL was not immediately available to comment.

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