http://www.portfolio.hu/en/cikkek.tdp?k=1&i=18979

Russian oil company Surgutneftegas has issued a statement refuting press reports that it is planning to buy a stake in its Croatian sector peer INA.

"In connection with a number of press reports in European media that Surgutneftegas allegedly plans to acquire shares of INA Industriya Nafte d.d. (Croatia) we declare that the management of Surgutneftegas has not and is not currently engaged in any discussions with MOL Hungarian Oil and Gas Company Plc. or the Government of the Republic of Croatia, the two largest INA shareholders, in respect of the acquisition of INA shares," Surgut said in a statement on its website.

"With Surgut’s statement the INA takeover saga seems to have come to a halt. In our view, the statement provides further confirmation for market’s reluctance of having reacted on the latest development of the takeover "attempt". Nevertheless, the news is slightly positive for MOL as Surgut’s denial limits the negotiation power of Croatian government," commented Péter Császár, analyst at KBC Securities in Budapest.