Business News

Sava Re Completes Takeover of Zavarovalnica Maribor

Ljubljana, 12 July (STA) - Sava Re completed on Friday the takeover of insurer Zavarovalnica Maribor by acquiring in line with a previous agreement a 39.21% stake provisionally held by the state-controlled SOD fund, to raise its holding to 99.87%.

The reinsurer, which acquired together with SOD in December last year a 51% stake from NKBM for EUR 65m while already holding almost 49%, paid EUR 51.23m or EUR 10.49 per share for SOD's stake.

It had been agreed with SOD that the deal would wait until Sava Re secured a capital increase, which it recently did, collecting EUR 55m with the issue of fresh shares.

Sava Re, which also acquired a few shares from small shareholders in the meantime, has ended up paying slightly over EUR 66m for the takeover.

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