Representatives of AZ pension funds, Auctor brokerage house, Erste Invest, PBZ CO pension fund, and PBZ Invest have decided at today’s meeting to accept MOL’s public offer in which the company commits to pay 2,800 kuna per share of INA, according to a joint statement from these institutional investors.
The meeting participants concluded that market conditions have significantly changed over the past three weeks as a crisis has emerged in global capital markets, which has significantly reduced the value of companies and led to the collapse of major financial institutions. Additionally, yesterday’s decision by the U.S. House of Representatives not to accept the financial sector recovery bill has further deepened uncertainty in financial markets, the statement said.
Given the aforementioned events and the state of the global financial market, each of the mentioned institutional investors will individually decide the proportion in which they will accept MOL’s public offer for INA shares, it is added. The statement also emphasizes that institutional investors still believe that the offered price does not represent the fundamental value of INA shares and express hope that the continuation of the privatization process after the public offer will take place under more favorable market conditions and that a better price will be achieved, which will be offered to those who accept MOL’s public offer in accordance with applicable legal provisions.
MOL’s voluntary takeover offer relates to just over 30.16 percent of INA shares, or all INA shares not owned by MOL and the Croatian Government. This public offer expires on October 3. According to the latest data from the Central Depository Agency (SDA), as of yesterday, 89,419 shares have been deposited for acceptance of MOL’s offer, which represents just under 3 percent of the shares to which the public offer relates. (H)
