VIENNA Insurance Group sells UNITA to UNIQA Austria
VIENNA Insurance Group and UNIQA Group Austria have signed,
on June 30th, a contract on the sale of 100 percent of the share capital
of the Romanian non-life insurer UNITA.
The transaction is subject to all necessary approvals by the
authorities, especially the approval by the European Commission. It is
planned to close the intended transaction in the third quarter of the current
year.
"Taking over UNITA, considering its 8.5% market share on non-life
segment, UNIQA reaches its strategic objectives for the Romanian
market. This takes place independently of the outcome of the negotiations
we have
with ASTRA for more than a year up until now for buying a larger
stake",
Wolfgang KINDL, Managing Director, UNIQA International has
declared for XPRIMM Insurance Newsletters.
Wolfgang KINDL did not want to comment upon a possible sale
of the shares which UNIQA holds at Romanian company ASTRA-UNIQA. "Given
the new situation, we keep open all strategic options", the UNIQA
International official noted.
The Insurance Supervisory Commission representatives did not
make any comments with respect to this deal as they said they have not
received any official information regarding the UNITA takeover by UNIQA
until this point.
UNIQA entered on the Romanian market in 2005 taking over a
minority stake in ASTRA. Austrian company started negotiations with the
Romanian insurers' shareholders but the stake owned by UNIQA at ASTRA has
not increased by now, according to data available at the Central Depository.
Austrian insurance companies dominate the Romanian market.
Thus, through this deal VIG now owns "only" six companies in
our country (the transaction whereby ERSTE sells its CEE insurance division
to VIG has not received yet necessary approvals from the competition authorities)
and holds a market share of over 30%.
UNIQA climbs the fourth position in the groups' hierarchy,
with an 11.67% share, less than a point behind GROUPAMA, recently entered
on the Romanian market.
Author: Mihaela CIRCU
on 01.07.2008
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