News Column

Croatian competition agency oks Adris Grupa's acquisitio of local insurer CO

February 12, 2014

The Croatian Competition Agency (AZTN) said on Feb 11 it has approved the plans of local Adris Grupa to acquire a majority stake in the country's largest local insurer Croatia Osiguranje.

In December 2013, Adris Grupa was selected as the best bidder by the Croatian government after offering EUR 970.45 per share for a 39.05% stake in the insurer, or a total of HRK 905mn (EUR 118mn), plus a recapitalisation of EUR 110mn, after which its stake is expected to rise to 60%.

Before the takeover, Croatia held an 80.2% stake in Croatia Osiguranje, planning to retain a minimum of 25% plus one share and a maximum of 30% stake in the company following the privatisation.

Croatia Osiguranje had a 29.47% market share in the Jan-Nov 2013 period.

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Source: IntelliNews - Weekly Reports

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