ZAGREB, July 12 (Hina) - The Croatian oil company INA, in co-operation with the government's advisors on privatisation, Deutsche Bank and PricewaterhouseCoopers, has completed preparations necessary for any potential strategic
partners to conduct a due diligence inspection, the government office co-ordinating INA's privatisation reported on Friday.
ZAGREB, July 12 (Hina) - The Croatian oil company INA, in co-
operation with the government's advisors on privatisation,
Deutsche Bank and PricewaterhouseCoopers, has completed
preparations necessary for any potential strategic partners to
conduct a due diligence inspection, the government office co-
ordinating INA's privatisation reported on Friday. #L#
According to unofficial statements, the government will next week
announce which companies were short-listed as potential strategic
investors, i.e. the buyers of 25 percent plus one INA share.
The latest available information, also unofficial, indicates that
of the ten companies that submitted their bids, four have been
short-listed - the Hungarian MOL, Austria's OMV, Russia's Lukoil,
and Italy's Edison gas.
As reported, on Thursday INA approved a guidebook for the data
office and an information memorandum and forwarded them to the
Economy Ministry for approval.
Each of the potential strategic partners will be given one week to
conduct a due diligence inspection, during which INA's management
will hold a presentation for each bidder, giving them all the
relevant information and taking them on field tours and
consultations with experts.
It is expected that the inspection of INA's business activities
could last until autumn. After that, potential strategic partners
will submit binding offers, including the amount they are prepared
to offer for 25 percent plus one company share.
(hina) sp rml