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Business and Economy
11.02.2013 17:04
COMPANIES, INSURANCE, ACQUISITIONS
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Sava Re Gets Regulatory Green Light to Acquire Zavarovalnica Maribor

Ljubljana, 11 February (STA) - Reinsurance company Sava Re received clearance Monday from the Agency for Insurance Supervision to increase its stake in insurer Zavarovalnica Maribor above 50% and complete the acquisition started in December.

The news comes after NKBN bank sold a 50.99% stake in Zavarovalnica Maribor for EUR 65m to Sava Re and the state-owned SOD fund, the latter only holding on to the stock until Sava Re gets sufficient funds with a capital increase.

Sava Re shareholders endorsed a EUR 55m capital hike to finance the acquisition in mid-January.

The recapitalisation is to be completed by June and the full acquisition of Zavarovalnica Maribor will make Sava Re the no.2 player on the insurance market in the country.

sm/bg/mas
11.02.2013 17:04

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