ZAGREB, Aug 26 (Hina) - Hungary's oil company MOL on Monday began its due diligence process of Croatia's oil company INA, as part of INA's privatisation process.
ZAGREB, Aug 26 (Hina) - Hungary's oil company MOL on Monday began
its due diligence process of Croatia's oil company INA, as part of
INA's privatisation process. #L#
INA's Coordination Office for Privatisation said that MOL entered
the company's data office today, after Russia's company Rosneft
completed its detailed analysis of INA's work last week.
The due diligence process began on August 19 and is expected to last
through the autumn.
Each of the five potential partners for the purchase of 25 percent
of INA's shares (plus one share) has one week to complete the due
diligence process.
The process consists of three parts -- checking financial and legal
data, visiting INA's plants, oil fields, refineries and sales
locations, as well as talks with INA's experts.
The Croatian company, in accordance with the regular business
practice in such a process, has protected its exceptionally
strategically or commercially important information via black
lining. This means that only particularly chosen strategic
partners will be able to get insight into a part of the data on
financial profit, INA's office said.
On July 22 issued a list of five companies which entered the close
circle of potential strategic partners -- Austria's OMV, Hungary's
MOL, Russia's companies Lukoil and Rosneft, and Italy's Edison
Gas.
After all of these companies complete the due diligence process,
they are expected to submit binding offers, including the amount
they are willing to offer for purchasing INA's shares.
(hina) lml