Closed Offer for Ina, MOL Holds a Total of 47.15 Percent of Shares

The Central Depository Agency (SDA) reported that today, shortly after noon, MOL’s offer for the takeover of Ina was closed, in which a total of 2,215,469 paid shares of Ina were deposited, representing 22.15 percent of Ina’s shares.

Hungarian MOL will thus, with the previously purchased 25 percent plus one share, hold a total of 47.15 percent of the Croatian oil company’s shares. In the SDA’s notice regarding the closure of MOL’s takeover offer for Ina, it is reminded that according to the provisions of the Takeover Act, the deadline for the payment of funds to shareholders is October 17, 2008. MOL offered a price of 2,800 kuna per share of Ina in the public offer, so approximately 6.2 billion kuna needs to be paid to shareholders for the deposited shares.

MOL announced its voluntary offer for the takeover of Ina at the beginning of September, offers could be submitted until October 3, and after processing the offers received by mail, the offer was closed today at 12:15 PM. MOL’s voluntary offer for the takeover of Ina related to slightly more than 30.16 percent of the shares, or all shares of Ina that are not owned by MOL and the Croatian Government. After the public offer, the Hungarian oil company becomes the largest shareholder of Ina, considering that the Government owns 4,483,552 shares or 44.83 percent of Ina’s shares.

The Croatian Government and Hungarian MOL had already begun discussions about the further privatization of Ina before the public offer, in which the possibility of a share swap was mentioned, and these discussions, as announced yesterday by Deputy Prime Minister and Minister of Economy Damir Polančec, will continue next week. The Government previously explained the discussions with MOL regarding the further privatization of Ina with the facts that on October 28 of this year, the clause of the shareholders’ agreement expires, according to which, after five years from its signing, the Croatian Government no longer has the right of veto over the disposal of shares owned by MOL, as well as the need to redefine that agreement considering that the state’s share in Ina has fallen below 50 percent.

As three demands that the Government will not deviate from in discussions about the further privatization of Ina and the possible swap of shares between Ina and MOL, it stated the demand that for the next five years, the Government has the right of veto over MOL’s decision regarding the disposal of Ina’s shares, including shares that MOL buys in the public offer; that in the event of a change of ownership, i.e., if another company takes over MOL, the Government has the right to repurchase Ina’s shares; that after five years of veto, if MOL wishes to sell Ina’s shares, the Croatian state has the right of first refusal.

Polančec also reiterated yesterday that the swap of shares, as well as the sale of Ina’s shares to MOL, can only and exclusively occur if the Croatian Parliament accepts such a decision proposed by the Government, and that there is also a possible option for the Government to retain the package of shares it currently holds. (Hina)