War over Ina continues on Zagreb´s stock exchange

Croatian pension funds have confirmed that they stand behind the frenzied trading of oil company Ina's shares on Zagreb's stock exchange, in their response to MOL's accusations of speculative behaviour.Their disclosure comes as an answer to accusations lodged by Hungarian company MOL that the buying taking place is "non-transparent, unfair, unclear and hostile." Over a week ago, MOL had announced its plans to begin purchasing additional shares from Ina's small shareholders for 2,800 (379 Euros) a piece. MOL currently owns 47.2 per cent of shares and would need approximately four more to become the company's majority shareholder.Pension funds associations said that they see a good investment opportunity in the purchase of Ina's shares from small shareholders, as they expect these to grow in value in the future. In the three days since the  Financial Services Supervisory Agency (HANFA) unfroze trading, pension funds have acquired close to 1.9 per cent of Ina's shares.The Croatian government has since tried to enlist pension funds and state companies to help prevent MOL's intention by topping its offer.MOL asked HANFA to review the situation on the Zagreb stock exchange, which it found un-transparent, manipulative, as well as potentially illegal. HANFA, however has denied claims of manipulation and has warned MOL about spreading unconfirmed information that could give false signals to the market, the daily Jutarnji List writes.

Source: Croatian Times Online News