euro adhoc: Vienna Insurance Group
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Vienna Insurance Group:
Wiener Städtische intends to sell Romanian insurer Unita to UNIQA Group Austria
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
29.05.2008
Please note: this is a translation; only the German version of this release is legally binding.
On 28 May 2008, Wiener Städtische Versicherung AG Vienna Insurance Group and UNIQA Austria Group have on principle reached consent - subject to the approvals by the authorities and especially the approval by the European anti- trust authority - concerning the takeover of the Romanian insurance company Unita VIENNA INSURANCE GROUP S.A. by UNIQA Group Austria. UNIQA Group Austria intends to acquire 100 percent of the share capital of the Romanian non-life insurer. It is planned to close the intended transaction in the third quarter of the current year.
Vienna Insurance Group CEO Günter Geyer on the transaction: "We have announced to sell our Romanian Group company Unita already some time ago and commissioned JPMorgan to initiate the bidding process. On the basis of the offers submitted we have now decided to enter into sales negotiations with UNIQA."
In the year 2007, the Romanian companies of the Vienna Insurance Group increased their premium volume by 74.5 percent and in the first quarter of 2008 this success was continued. The Group companies of the Vienna Insurance Group (including Asirom for the first time) achieved a premium volume of around EUR 200 million and hence an increase of nearly 90 percent. With an increase of more than 100 percent, profit before taxes was also very satisfying.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wiener Börse AG / official market
Original-Content von: Vienna Insurance Group, übermittelt durch news aktuell