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Croatia sets up council for negotiation on INA buyout with MOL

Xinhua, January 20, 2017 Adjust font size:

Croatia on Thursday set up a special council for preparing a buyout of its energy company INA shares from Hungarian MOL.

The eight-member council, led by Prime Minister Andrej Plenkovic and including several ministers, would outline guidelines for the negotiation with MOL, the Hungarian energy company which holds 49.08 percent of INA, local media reported.

Plenkovic called on other experts who has good model for this operation to work together with the council.

The negotiation is expected to start next week, Plenkovic said.

Croatia, which holds 44.8 percent of INA, has disagreements with MOL over the management rights and investment policy at INA for years.

Last December, the Croatian government decided to regain ownership of INA by buying the entire stake held by the MOL after Croatia lost the lawsuit against MOL before the Arbitral Tribunal of the United Nations Commission on International Trade Law (UNCITRAL).

MOL's stake in INA is worth 1.9 billion euros according to the market price. (1 euro = 1.07 U.S. dollars) Endit