MOL to set up due diligence data room for possible sale of INA

MOL, the Hungarian stakeholder of the Croatian oil company INA, notified INA’s board that it was beginning a standard due diligence for selling its shares in the company, according to the Hungarian media.

“Hungarian oil-and-gas peer MOL, currently owning 49.08 percent of Croatian INA, has asked INA’s board to set up a data room for a third party in order to begin the standard procedure of due diligence in connection with the possible sale of its stake in the company,” the Budapest Business Journal wrote citing INA’s board March 3.

Following this announcement, INA’s share price on Zagreb Stock Exchange rose to 11.7 percent.

On March 14, the Croatian newspaper Novi List reported that representatives of Russian oil company Rosneft, which is majority owned by the Russian government, held talks in Zagreb on the possible purchase of INA.

Another Russian company Gazpromneft also allegedly was to participate in talks with INA’s board. This was not officially confirmed, the journal reported.