INA's bid for Energopetrol shares fails due to 'pathetic' price

Croatian oil company INA's bid to buy the whole stake in Bosnia and Herzegovina's Energopetrol has failed because the price offered was "pathetic", a source in the government of the Federation entity was quoted as saying in Sarajevo's Dnevni Avaz newspaper of Wednesday.

INA said yesterday that its bid for the purchase of a 33% interest in Energopetrol had been accepted by one shareholder. The price offered was about EUR 2.1 million.

INA holds a 67% stake in Energopetrol. The remaining shares are held by the Federation government (22.12%) and small shareholders (10.88%).

Suvad Osmanagic, an advisor to the Federation prime minister, said INA's offer was unacceptable. "We have already said that we don't want to sell our stake at such a low price. The remaining small shareholders don't either... What INA has done is really pathetic."

The Federation government sold a controlling stake in Energopetrol to the INA-MOL consortium in 2006. In July this year, INA and MOL signed a contract whereby INA took over the 33.5% of Energopetrol's shares owned by MOL, thus increasing its stake to 67% and becoming the company's majority owner.

Last update: Wed, 19/10/2016 - 12:30

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