Romanian stock indices turn green, TTS shines
Ljubljana stock indices go down, Cinkarna Celje paces decliners
Romania’s Orsova shipyard in 2.6 mln euro deal with Dutch client
Serbia opens Morava Corridor motorway section - report
Croatia’s Ploce port authority, Markoja get EU funds for 5G project
Dec 13, 2017 18:13 EEST
December 13 (SeeNews) - Croatia's government said on Wednesday it is inviting bids from potential advisors on the possible purchase of a stake in oil and gas company INA [ZSE:INA-R-A] currently held by Hungary's MOL.
"The advisor will help the government choose the best method to buy back INA shares from MOL," prime minister Andrej Plenkovic said during a regular government session aired on its website.
The government could also opt for finding another strategic partner, Plenkovic said.
Advisors will have until January 15 to lodge their bids.
Finance minister Zdravko Maric said during the government session that an invitation will be sent to 18 internationally renowned advisors, but that other interested parties could also place their bids.
A government-appointed council in charge of negotiations with MOL has already defined the criteria for the purchase of the INA stake, while the advisor will be tasked with assessing INA's value and reviewing possible strategic partners, Plenkovic said earlier.
MOL is the biggest shareholder in INA with a 49.08% stake. The Croatian government owns 44.84%, with the remaining 6.08% held by institutional and private investors.
On Christmas eve last year, Plenkovic announced the government's decision to regain the MOL stake in INA.
Prior to this decision, the United Nations Commission on International Trade Law (UNCITRAL) dismissed Croatia's claims of bribery and alleged breaches of a shareholders agreement for INA by MOL. The lawsuit was filed by Croatia in 2014 with the aim to cancel a 2009 deal which saw MOL gain managerial rights at INA without owning a majority stake.
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options