epa01144575 From L-R Regional General Manager of General Electric Francis Bailly, Chairman of the American Chamber of Commerce in Hungary Gusztav Bienerth and CEO of Hungarian oil and gas company Mol Gyoergy Mosonyi hold a press conference before the beginning of the First Regional Energy Forum in Budapest, Hungary, 11 October 2007. Participants of the forum will discuss energy issues of the Central and Eastern European region. EPA/SZILARD KOSZTICSAK HUNGARY OUT Photo: SZILARD KOSZTICSAK

'MOL won't make fresh bid for INA'

Hungarian producer MOL does not intend to make a new public bid for shares of Croatia's INA if its current bid fails to attract strong demand, MOL company boss Gyorgy Mosonyi said.

26 September 2008 11:15 GMT Updated 26 September 2008 11:15 GMT

By Anthea Pitt

Mosonyi told Reuters that he believed MOL's offer of 2800 kuna ($576.20) per share for INA shares not owned by the Croatian government was a "fair offer".

MOL, which owns 25% of INA , is seeking to raise its stake through a public bid.

After its public bid expires it will continue talks with the government on a possible share swap that would involve 19% of INA stock out of the 44% currently held by the Croatian government.

"This

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'MOL won't make fresh bid for INA'