The Croatian Competition Authority following a Phase II investigation clears a merger of two petroleum companies subject to structural and behavioral remedies (MOL / INA)

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Croatian Competition Authority, MOL Hungarian Oil and Gas / INA Industrija nafte, Decision UP/I-030-02/2009-02/05, 9 June 2009

On 9 June 2009 Croatian Competition Authority (AZTN) [1] issued its conditional approval in relation to the proposed merger of two petroleum companies: MOL Hungarian Oil and Gas Plc. (MOL) [2] and INA Industrija nafte d.d. (INA) [3]. MOL was already holding 25% of the INA's share capital from 2003 and now set out to acquire 47%, which would shift the control over INA from the Croatian Government to MOL. According to the share transfer agreement between the Croatian Govrnment and MOL the former reserved certain rights, which would allow its continuous influence on the major business decisions. Despite such limitation of the MOL's voting rights, AZTN has concluded that change of control has taken place and MOL will exercise sole control over INA because it has decisive influence on the

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  • University of Macau - Faculty of Law (Macau)
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Alexandr Svetlicinii, The Croatian Competition Authority following a Phase II investigation clears a merger of two petroleum companies subject to structural and behavioral remedies (MOL / INA), 9 June 2009, e-Competitions June 2009, Art. N° 29837

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