The story
INA was established on 1 January 1964 through the merger of Naftaplin (company for oil and gas exploration and production) with the refineries in Rijeka and Sisak. Initially, the company was called "Oil and Gas Conglomerate" but on 26 November its name was changed to the one it has today. In 1990, INA became a state-owned company and in 1993 a joint stock company. The first stage of its privatization was in 2003 when MOL became INA’s strategic partner by purchasing 25% of the shares. 7% of the shares were transferred to the Croatian Defenders’ Fund in 2005. After selling 7% of the shares to former and current INA employees, ownership structure of the company was changed and now less than 50% of total shares lie in state ownership. In this sense, the Croatian Government and MOL have signed the First Amendments to the Shareholders Agreement. In October 2008, MOL‘s voluntary public takeover offer to INA – INDUSTRIJA NAFTE d.d. shareholders was finalized. MOL has increased its ownership to 47, 16% by transferring shares stored during voluntary public offer and by paying off funds to shareholders. Subsequent doubts over legality of the acquisition in light of the Ivo Sanader corruption case led to the INA-MOL dispute, ultimately resolved in favor of MOL before the United Nations Commission on International Trade Law.
From Wikipedia’s article on INA d.d., shared under CC BY-SA 4.0.4