ZAGREB, Dec 6 (Reuters) - Croatia's main opposition party urged the government on Monday to prevent Hungary's MOL from gaining a majority in oil company INA because of its strategic importance to the country.
MOL, which has 47.15 percent of Croatia's sole oil concern, on Thursday said it planned to offer 2,800 kuna ($497.4) per share for INA's remaining stock that is still in free-float.
The offer for 800,910 shares would thus amount to 2.24 billion kuna and, if it succeeds, secure MOL a majority stake.
Croatia's financial market watchdog, HANFA, suspended trade in INA shares last Friday when they were quoted at 1721.14 kuna per share, citing a necessity to get details about MOL's offer.
The Croatian government, which has 44.84 percent, said at the weekend MOL had not notified it of its plan before announcing the public offer but did not comment further.
It said it would respond to MOL's offer this week but did not go into details.
"It seems the government will not do anything. INA is a strategic company and it is very important that Croatia retains a certain influence," Zoran Milanovic, leader of the Social Democrats (SDP) told a news conference on Monday.
He said MOL was formally still a partner, "but after what they have done, the relationship is now one of rivalry, they are acting like someone who has a dominant position and wants to use it".
He said the government should talk to Hungarian Prime Minister Viktor Orban and with local pension funds, which hold shares in INA.
"I know of signals coming from the pension funds. Perhaps they could gather funds and make a (counter-offer) to the small shareholders," Milanovic said.
MOL said last week it would contact the shareholders of INA within two weeks to provide instructions on the share purchase. Some of these are former and current employees and some local institutional investors.
INA is one of the biggest Croatian companies which has upstream and downstream businesses. It is active in oil and gas exploration in the Middle East and Africa and it owns two refineries which are undergoing modernisation to compete in European Union markets.
Croatia hopes to complete EU entry talks next year, during Hungary's EU presidency, and become a member in late 2012 or 2013.
MOL and the Croatian government are now in talks on INA's gas trading business which has been the cause of significant losses at INA in recent years due to capped gas prices in Croatia, which are lower than the price of gas imported from Russia. (Reporting by Zoran Radosavljevic and Igor Ilic; Editing by Jane Merriman)