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Post by radovic on Nov 21, 2007 13:53:46 GMT -5
Triglav Acquires 70% of Leading FYROM Insurer
EMonline
Zavarovalnica Triglav, has acquired 70.36% in Vardar Osiguruvanje in a deal reported to be valued around EUR 23m.
According to a press release from Triglav, the company acquired the stake in FYROM largest insurance company at EUR 2,625.28 per share.
Business daily Finance says the stake was worth around EUR 23m, but Triglav refused to confirm this. Vardar Osiguruvanje commands around 27% of the FYROM market.
Despite this Finance quotes unnamed analysts in saying that the Slovenian company paid too much because Vardar lacks its own life insurance line. Triglav intends to begin marketing its life insurance products in FYROM.
According to Finance, Triglav had been set to acquire the stake back in the summer but faced delays due to lengthy negotiations and red tape.
Vardar sold EUR 25m in insurance premiums in 2006, making a profit of EUR 1.5m. It has a network of 20 offices and more than 150 employees. (Sloveniainvest)
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