By Margit Feher
BUDAPEST--The views of the Croatian government and the
management of Hungarian oil and gas company MOL Nyrt. (MOL.BU)
continue to significantly differ as to the management model of
Croatian peer INA d.d. (INA.ZG), MOL said Friday after talks
between the two parties.
MOL, which holds a controlling 49.1% stake and management rights
in INA, is convinced that INA's management model is in line with
international practice as well as with Croatian and European
regulations, MOL Managing Director Jozsef Molnar said in a
release.
Croatia, which owns a 44.8% stake in INA, is seeking to regain
control of the Croatian firm.
Friday, it proposed a new management model to MOL, Croatian
state news agency HINA said.
"The Croatian government will certainly do all it can to protect
INA, to negotiate a position for INA in the interest of the
company, its employees and, eventually, Croatia's energy
stability," HINA quoted Croatian Economy Minister Ivan Vrdoljak as
saying after the talks.
The parties will continue the negotiations, HINA said.
MOL, in which the Hungarian government is the single largest
shareholder with a 24.6% stake, is in talks with Croatia about INA
amid an intensifying diplomatic spat.
A Croatian court has issued an arrest warrant for MOL Chief
Executive Zsolt Hernadi after he failed to show up for questioning
in connection with a corruption case in which former Croatian Prime
Minister Ivo Sanader was convicted.
MOL has said Mr. Hernadi wasn't to blame for any wrongdoing and
a Budapest court has declined the extradition of Mr. Hernadi on the
grounds that a Hungarian criminal investigation has found Mr.
Hernadi innocent.
Write to Margit Feher at margit.feher@wsj.com