Hernádi urges speedy resolution of MOL-Croatia clash

Deals

MOL chairman/CEO Zsolt Hernádi urged a quick solution to issues over the fate of its stake in Croatia-based peer INA after today’s shareholders’ meeting.

MOL chairman/CEO Zsolt Hernádi urged a quick solution to issues over the fate of its stake in Croatian peer INA after today’s shareholders’ meeting.

Hernádi lamented that tensions between MOL and the other major stakeholder in INA, the government of Croatia, had too long weighed on share price and caused much uncertainty – this despite announcements at the shareholders’ meeting of expected increased production for 2014, payment of a fat HUF 60 billion dividend and the opportunity to throw some $1 billion into new acquisitions.

The CEO, currently wanted by Croatian authorities for his part in the bribery of now-convicted former prime minister Ivo Sanadar, added that MOL was open to and prepared to seek either a successful and fast solution with the Croatian government or to sell its stake in INA.

MOL is dissatisfied with the pace of talks with the government and is ready to accelerate talks, he declared, with the pace of negotiations costs MOL shareholders several million dollars a day. One wonders how much of a dividend – not to mention Hernádi’s own take – might be in a world without the negotiations.

Croatia’s National Economy Minister Ivan Vrdoljak stated earlier this month that a next round of talks between his government and MOL would take place by mid-May; Hernádi similarly earmarked such a target today as well.

-- material from national news service MTI was used in this article

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.