ZAGREB, Feb 17 (Hina) - The Croatian Economy Ministry issued a statement on Monday, describing as "absolutely unfair and unacceptable" the Croatian oil company INA's plans of business activities regarding mergers or take-overs,
changes in the ownership structure or the purchase of other companies' shares, as this was incompatible with the process of privatisation which INA was undergoing.
ZAGREB, Feb 17 (Hina) - The Croatian Economy Ministry issued a
statement on Monday, describing as "absolutely unfair and
unacceptable" the Croatian oil company INA's plans of business
activities regarding mergers or take-overs, changes in the
ownership structure or the purchase of other companies' shares, as
this was incompatible with the process of privatisation which INA
was undergoing. #L#
INA stated today that it was negotiating and was interested in
buying Austria's Avanti Group and its 189 petrol stations, but that
it was too soon for any, particularly final statements about the
project.
Officials at the ministry believe that undertaking any activities
which change INA's long-term strategy in relation to the strategy
presented to its potential strategic partners is absolutely unfair
and unacceptable as the company is in the process of selling 25% of
its shares.
According to international standards and business ethics, a
company is not allowed to launch any business activities while it or
any of its segments is being sold.
(hina) rml sb