Mol Nyrt., Hungary’s largest refiner, is offering to buy the outstanding shares in Croatian peer Ina Industrija Nafte d.d. for 2.24 billion Croatian kuna ($401 million), the company said.
Mol is offering to pay 2,800 Croatian kuna per share for the 800,910 Ina shares traded on the Zagreb bourse, Mol said in a statement posted on the website of the Budapest Stock Exchange today. The “majority” of the shares are held by Ina employees and individuals who purchased the stock at the time of Ina’s initial public offering, according to the statement.
Mol is Ina’s single largest shareholder with a 47.2 percent stake and has operational control over the company. The Budapest-based refiner is focusing on improving profitability at Ina, as part of its drive to boost earnings before interest, taxes, depreciation and amortization by $201 million by 2012 from the 2009 level.
Mol, which jointly with the Croatian government owns a 91.99 percent stake in Ina, already made an offer to purchase the outstanding shares in 2008, according to the statement.