We are surprised by the speculation regarding the significance of our offer

Speculation regarding MOL’s offer to acquire INA’s shares has prompted the Hungarian oil company to issue a statement reiterating its intentions.

In a press release, they emphasize that MOL Group fully agrees that the protection of strategic interests in the Croatian energy sector is of crucial importance. The interests of Croatia and MOL are the same: to make INA a strong, competitive, and successful Croatian company that everyone can be proud of. A successful INA generates more value, revenue, investment, and more jobs for the entire Croatian economy.

MOL has repeatedly demonstrated that it is a reliable partner for INA and Croatia. It has invested directly and through INA more than 20 billion kuna in the Croatian economy, and during the crisis in 2008, it helped INA resolve a serious liquidity situation, thereby directly preserving 16,000 jobs at INA.

– At the same time, we are surprised by the speculation regarding the significance of our offer. MOL and the Government manage INA based on a joint stake of 92 percent and a shareholders’ agreement signed in 2003, which was amended and supplemented in 2009. Regardless of whether MOL owns more or less than 50 percent of the shares, the Government’s rights in INA are protected by the shareholders’ agreement and will not be affected in any way by the outcome of our offer – they state in the press release.

They emphasize that the Government will still retain, among other things, the right to appoint its representatives to management bodies, the right of veto on strategic issues of INA, the right of first refusal for INA shares owned by MOL, and the buy-back option in the event of a hostile takeover of MOL will remain unchanged.

– As we stated earlier, this offer is part of our long-term, publicly known strategy for further increasing ownership in INA. It is also an opportunity for a transparent sale of shares for more than 30,000 small shareholders, and, more importantly, for thousands of current and former INA employees who, given the sharp decline in share prices since our voluntary offer, have not been able to realize the actual value of INA’s shares – emphasizes MOL in the press release. (J. T.)