INA may be forced to sell its chain of Tifon gas stations in Croatia to comply with competition law, Poslovni Dnevnik reported. The company will wait for the decision of the competition regulator, according to Poslovni.
Following INA submitted the bid for OMV’s retail network we noted about the potential competition concerns and the high likelihood for some necessary asset disposal. However, given Tifon’s above average throughput per site (some 4.2 million litres/annum), we believe, INA would feel less inclined to dispose Tifon as a whole. Instead, it may sell some of its gas stations (Tifon and INA) in less frequented locations. We see the news as neutral for the investment case.