MOL has not acquired majority of Ina´s shares

The Hungarian MOL has not acquired the majority stake in the Croatian oil company Ina after offering to buy shares for 379 Euros a piece from small shareholders last month.MOL currently owns 47 per cent of Ina's shares and had wanted to become a majority shareholder in order to legalize the managerial rights it enjoys at present without owning 51 per cent of the shares.Part of Ina's share, however, was bought by Croatia's pensions funds and one American investor, preventing MOL from acquiring sufficient percentage for majority ownership. The pension funds acquired close to four per cent, while the American investor bought little less than one per cent of the eight per cent that is currently owned by small shareholders.Financial Services Supervisory Agency (HANFA) is expected to look into the MOL's complaint that the pension funds acted as a cartel when buying Ina's shares at the stock exchange and whether the American investor was tied to MOL, the daily Vecernji List writes.

Source: Croatian Times Online News