21-07-08 Companies interested in tabling a bid rivalling MOL for a stake in Croatian oil outfit INA will have until early September to submit bids, Ante Samodol, the head of Zagreb's market regulator said. Hungary's MOL announced its plan to bid for INA in a move analysts saw as intended to thwart rival OMV's intention to get hold of INA stock.
"MOL has until 14 August to provide to us details of its bid. I expect it to happen by the end of this month," Samodol, head of the Agency for Supervision of Financial Services (HANFA), told.

MOL, which already owns 25 % of INA, will bid for all shares not held by the Croatian government. The government holds 44 %. Once HANFA has approved the bid, which it has to do within 14 days, MOL must publish its bid within a week. The bid will then be valid for 28 days.
"Calculating all these deadlines, it is clear that the whole process will end some time in mid-September unless we receive a counterbid," Samodol said.

Local media speculated that Russia's LUKoil could also be interested in taking a slice of INA.
"In case of a counterbid, the whole process could extend to mid-October. However, since we need some time to approve the bid, in practice it can succeed if it comes no more than 10 days after MOL's bid is published," Samodol said.

MOL is also in talks with the government on a share swap between the two companies. OMV informed the government it was interested in the further privatisation of INA.
"We will closely monitor any potential privatisation or sale transaction in INA shares in the future and depending on the terms decide about a possible participation," OMV said in a letter to HANFA.