INA Shareholders Say MOL Offer Price Too Low

Croatian investors say that MOL's proposed purchase price for 30 percent of INA does not reflect the Croatian company's market value.


Big Croatian investors have said Hungarian oil and gas company MOL's price in a public purchase offer for the 30 percent of Croatian peer INA does not reflect the company's market value, Croatian news agency Hina said on September 3rd 2008.

MOL on September 1st 2008 said it would offer HRK 2,800 (EUR 394.3) per share for the 30 percent stake, noting that the price is HRK 1,110 (EUR 154.9) over INA's IPO price and HRK 227 (EUR 32.4) over the share's three-month average price prior to MOL's announcement it intended to buy out the company.

The big investors pointed out that the offer price is under the share's trading price in the past month. It reflects neither the expected effects of the further deregulation of Croatia's gas market nor refinery improvements, they added.

News Monitoring