The Union of INA and the oil industry believes that MOL’s offer to purchase shares of INA at a price of 2,800 kuna is unserious because MOL should have taken into account the real price of INA’s share, which the union estimates to be 5,000 kuna, said the president of SING, Božo Mikuš, at today’s press conference.
Since this is a takeover, Mikuš added, the offered price should have been at least 50 percent higher than the current price on the Stock Exchange. The value of INA’s share of 5,000 kuna was reached by SING based on its valuation of INA at 50 billion kuna, including oil and gas reserves, which it divided by the number of INA shares, which is 10 million.
SING bases the value of INA at 50 billion kuna on business reports that were distributed to shareholders at the last general meeting of shareholders, from which the union estimated that half of that amount consists of oil and gas reserves, and the other half all other INA assets, excluding the value of INA’s brand, Mikuš said.
Therefore, SING will not sell the 100 INA shares it owns to MOL, and it will not provide any advice or suggestions to its members, so each member of SING – a small shareholder must decide on the sale themselves, Mikuš said. The current value of INA’s share on the stock exchange is, in his opinion, a reflection of business policy and weaker business results from 2007, for which, he said, the main culprit is the Government, which dictates an unrealistically low price of gas.
