Croatia, Hungary, Bosnia: MOL INA failed to obtain stake in Energopetrol oil co

, SEE Energy News

Croatian oil company INA announced that its bid for the purchase of the remaining 33 % stake in Bosnian oil company Energopetrol has failed as it has been accepted by only one minority shareholder who owns 0.0011 % stake. Energopetrol’s share capital is divided into 5,492,922 shares with a nominal value of 6.39 euros.

INA currently holds 3,680,258 shares of the Bosnian company, which represents 67 % of its share capital. The subject of the takeover bid were the remaining 1,812,664 shares or 33 % of Energopetrol’s share capital. The offered price per share is 1.18 euros or 18.4 % of the nominal value of shares. The stake of the Government of the Federation of Bosnia and Herzegovina (FBiH) in the company is 22.12 %, while the remaining 10.88 % is owned by small shareholders.

According to sources from the Federal Government, the bid failed because the offered price was pathetic. After the bid was announced in September, Suvad Osmanagic, the advisor of FBiH Prime Minister Fadil Novalic said the same. However, The management of Energopetrol gave a positive opinion on the offer made by INA, with the assessment that the offered price is higher than the required minimum price and is in line with current business conditions.

A consortium of INA and Hungarian MOL acquired 67 % stake in Energopetrol in 2006 for 37.5 million euros. In early July, INA took over MOL’s 33.5 % share in Energopetrol, thus becoming the majority owner of the company that has the largest fuel distribution network in Bosnia and Herzegovina.