Zagreb - The management of Croatia's INA oil company said the 2,800 kuna (557 dollars) per share bid for a majority package by Hungary's MOL was "acceptable, the Zagreb stock exchange said Monday.

The bid was for a 31-per cent stake in INA that is not at present included in the 44-per cent state ownership. MOL already holds 25 per cent.

The 31 per cent of the capital is held by a veterans' fund, while the remainder is in the hands of private and institutional investors. At 2,800 kuna per share, MOL has put a
28-billion kuna price tag on INA.

Unlike the management, the employees have shrugged off the offer as insufficient, in terms of per-share price and because it lacked a "social component," guaranteeing jobs and investments. (dpa)