ZAGREB, July 31, 2019 – The New York-based investment bank Lazard is the Croatian government’s new consultant on the buyback of the Hungarian energy group MOL’s stake in the INA oil company, Finance Minister Zdravko Marić told reporters in Zagreb on Wednesday after a meeting of the government’s Advisory Committee on INA.
Marić recalled that a consortium of Morgan Stanley, Intesa Sanpaolo Group and Privredna Banka Zagreb had previously been selected as a consultant, but that disagreements had emerged over what should be included in the agency agreement, notably technical aspects of the hiring of consultants.
“We decided to conduct interviews with other bidders from the first round and we have selected a new consultant, Lazard,” Marić said.
Environment and Energy Minister Tomislav Ćorić said that the decision on signing the agreement with Lazard would be formally adopted at a Cabinet meeting on Thursday.
Ćorić said that the new consultant’s services could cost 9 million euro at most.
The agreement with Morgan Stanley, Intesa Sanpaolo Group and Privredna Banka Zagreb cost €8 million.
Ćorić said that due diligence could be completed in six months, and that the government would make its offer to MOL in the first quarter of 2020.
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