INA Green-Lights Due Diligence at the Company  | Beta Briefing

INA Green-Lights Due Diligence at the Company 

Source: Beta/Poslovni dnenvnik
Archive / SEE Business | 22.11.19 | access_time 09:41

Ina headquarters in Zagreb

INA has received a request from the Croatian government for launching due diligence at the company which will be conducted by the investment advisers the government hired in early August this year, the oil company has said. 

The press release reads that the INA Management has approved due diligence, daily Poslovni Dnevnik reports. Prime Minister Andrej Plenkovic said in late 2016 that the cabinet had decided to regain ownership of INA by buying up the entire stake owned by Hungarian MOL, after Croatia had lost the case it had launched against MOL before the court of arbitration of the United Nations Commission on International Trade Law in Geneva. 

In mid-January 2017, the government founded a council for negotiations with MOL related to the potential buy up of the shares controlled by the Hungarian company in INA. In April 2018, the Croatian government selected a consortium that included Morgan Stanley, Intesa Sanpaolo Group and Privredna banka Zagreb (PBZ), as the government's investment adviser in the potential purchase of INA shares from MOL, and the potential sale of the shares to a new strategic partner of INA. Finally, on Aug. 1 this year the government chose investment bank Lazard as the new consultant. 

Minister of Environmental Protection and Energy Tomislav Coric said at the time that the selection of a new adviser created the possibility of the Croatian side having the first phase completed in Q1 2020 and approaching MOL with concrete offers. 

Finance Minister Zdravko Maric said that the arrangement "weighs" up to EUR9m and that due diligence at INA would start in less than months after the signing of the contract, daily Poslovni Dnevnik reports. Due diligence is to reveal how much the company is worth. 
 

info
To get full access to all content of interest see our
Subscription offer
Or
Register for free
And read up to 5 articles each month.

Already have an account? Please Log in.

Related Articles

Latest News