AZ pension funds, PBZ Croatia Insurance, Erste Invest, PBZ Invest, and brokerage house Auctor issued a statement claiming that the offer does not include any takeover premium. This statement from some of the largest shareholders of INA (besides the Government and MOL) sends a clear signal to MOL that a price of 2,800 kuna will not attract a significant number of shareholders.
-The offered price of 2,800 kuna per share is below the market price at which INA shares have traded in the last month and is only slightly above the legal minimum, thus not including any takeover premium. The offered price does not reflect the expected effects of further liberalization of the gas market in Croatia and the modernization of refineries.
At a joint meeting of institutional investors who collectively hold about five percent of INA shares, it was concluded that MOL’s offer does not reflect the fair value of INA and is therefore deemed inappropriate.
Additionally, the offered price does not reflect the potential synergies between the two companies, which analysts estimate at 100-200 million euros – states the investors’ announcement. They add that they expect future takeover offers for INA to reflect the aforementioned facts. With this announcement, the group of investors who own at least five percent of the shares sent a clear signal to MOL that it needs to improve its offer if it wants to gather a significant number of shares. (Amir Kulenović)
