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Triglav Seeks Takeover of Pension Fund

Ljubljana, 30 October (STA) - Zavarovalnica Triglav, Slovenia's biggest insurer, announced Thursday a takeover intent for Skupna pokojninska družba, a major pension fund manager in which it already holds a 30% stake.

One of Skupna's biggest shareholders, Gorenjska banka, which holds a 26% stake, had already agreed to sell under the right conditions, while the takeover bid will target all outstanding shares, Triglav said.

"Given the demographic trends...the importance of pension insurance will increase, in Slovenia and elsewhere," Triglav's chief executive Andrej Slapar was quoted as saying.

According to law, the actual takeover bid must be published between 10 and 30 days after publication of the takeover intent.

Skupna has over 217m in assets under management for over 61,000 holders of supplementary pension insurance policies, according to information available on its website.

The news comes a month after the daily Dnevnik reported Triglav was aiming to snatch Skupna from NLB bank, which holds a 28% stake.

At the latest AGM Triglav managed to shift the balance in its favour on the supervisory board, which according to the company's bylaws has the final say on share transfers.

At the beginning of this year NLB made acquisition of a majority stake in Skupna a part of its strategy, but Dnevnik said the takeover from Triglav would undermine realisation of what was one of the bank's key strategic goals.

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