MOL denies it will sell stake in Croatia's INA

Hungarian oil and gas company MOL Nyrt has denied it is planning to sell its 25 percent stake in Croatia's INA.

Izvor: AFX

Thursday, 05.07.2007.

10:53

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MOL denies it will sell stake in Croatia's INA

A report in the Austrian press yesterday claimed MOL was frustrated with the Croatian government's reluctance to sell its remaining stake in INA, while it also needs money to fund its share buyback program.

MOL has bought around ten percent of its own stock recently and has opened the way to buy another ten percent , in a move widely seen as a defense against a possible hostile bid from Austria's OMV AG.

OMV nearly doubled its stake in MOL to 18.6 percent last week but denied it is planning to attempt a hostile takeover.

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