Hungary's MOL effectively secured a strategic stake in Croatian oil firm INA on Friday but faced criticism it was overpaying to win a lead role in the region's energy sector
Published:
12 July 2003 y., Saturday
Prime Minister Ivica Racan said on Friday MOL would be invited for further brief talks to confirm it had no queries on INA after a state privatisation council reviewed bids by the Hungarian firm and its Austrian rival OMV.
"After that, the council will propose that the government choose MOL as the strategic partner," Racan told reporters, adding the government would take a final decision next Thursday.
The announcement makes it almost certain MOL will defeat OMV in the long-delayed privatisation, which is crucial for shoring up Croatia's public finances this year.
MOL bid an above-market $505 million for the 25 percent stake, compared with OMV's $420 million and expectations of around $360 million. Russia's Rosneft withdrew from the bidding.
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