The news source reported that MOL has been in negotiations with the Croatian government to increase its 25% stake in INA. OMV is reportedly seeking a 26% stake in INA either through a cash payment or a share swap agreement.
Industry analysts are of the opinion that the fight for control over INA could mark a new front in the OMV-MOL tussle, which began when MOL rejected a merger proposal from OMV in 2007.
MOL has not yet indicated the conditions of its bid, but is expected to launch an offer for 31% of INA shares. The Croatian government holds a 44% stake in the company, while MOL already accounts for 25%.
Given INA’s market capitalization of $6.4 billion, the 31% stake could be valued at around $2 billion. Eventually, the sale price could end up higher given INA’s strong performance and the competing interest from OMV and MOL, according to Global Insight.
The Croatian government has to sell 19% of its share in INA, to reduce its holding to 25% preceding Croatia’s accession to the European Union. This 19% stake would be a part of the 26% share holding that OMV is seeking, according to the news source.
Industry commentators have said that the increasing interest from MOL and OMV to acquire a stake in INA seems to clearly be a fight for a controlling interest in the Croatian company, and also to keep each other at bay in the region.
