Hungary: MOL expects suitable offer for its shares in INA Croatia oil company, SEE Energy News
Hungarian Minister of Foreign Affairs Peter Szijjarto said that such an agreement must be reached with the Croatian Government that Hungary, namely oil and gas company MOL, will be adequately reimbursed for the money invested in Croatian oil company INA in case of the buyout of MOL’s stake.
Minister Szijjarto noted that negotiations parties must be aware that at least as much money as the amount that left Hungary through investments in INA must return to Hungary in an event of the repurchase of the stake in INA.
MOL bought 25 % plus one share of INA for 505 million euros in 2003, but the company raised its stake to 47.16 % in 2008 through a public purchase offer, when it paid 873 million euros for 22.16 % of shares. Currently, MOL holds 49.08 % of INA’s shares, which are worth about 1.9 billion euros, according to latest estimate.
In late 2016, after the ruling of the Arbitral Tribunal of the of the United Nations Commission on International Trade Law (UNCITRAL), which dismissed Croatia’s claims against MOL regarding the managerial rights in INA. Croatian Government announced that it will consider the buyout of MOL’s stake in the Croatian oil company.
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