24.07.2007 – 13:37
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
Acquisitions - Takeovers
Vienna Insurance Group in Romania:
Acquisition of majority shareholding in Asirom planned
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Please note: this is a translation; only the German version of this release is legally binding.
Wiener Städtische Versicherung AG Vienna Insurance Group enlarges its commitment in Romania and, today, has signed a contract for the acquisition of a majority shareholding in SC Asigurarea Romaneasca Asirom S.A. (Asirom). As a first step, 30 percent of the shares were already taken over today from the current majority shareholder, Romanian Interagro S.A.
"This transaction allows us to further expand our commitment in our core market Romania," explains CEO Günter Geyer. "Taking a capital stake in Asirom markedly strengthens the position of the Vienna Insurance Group on this future growth market in the new Europe."
The transaction was concluded subject to the approval by the Austrian and Romanian authorities. In correspondence with the Romanian legal regulations, Wiener Städtische Versicherung AG Vienna Insurance Group after acquiring the majority will make a compulsory offer to the remaining shareholders of exchange-listed Asirom.
Asirom is one of the leading insurance companies in Romania and employs about 2,200 staff. With its tight-woven distribution network counting 49 regional head offices and 160 branches, Asirom is represented throughout the entire country.
In the business year 2006, Asirom earned approx. RON 600 million in gross premiums (at the current exchange rate approx. EUR 190 million). In the first quarter of 2007, the company, at a market share of some 11 percent in the non-life segment and some 8 percent in the life insurance business, ranks third both in these business segments and on the overall Romanian insurance market.
The Vienna Insurance Group is currently represented in Romania with four companies and at a market share of 17.7 percent holds the first position on the market in the first quarter of 2007. The Vienna Insurance Group family includes Omniasig Life and Non-Life, Unita and the agricultural insurer Agras.
Wiener Städtische Versicherung AG Vienna Insurance Group A-1010 Wien, Schottenring 30 ISIN: AT0000908504
end of announcement euro adhoc 24.07.2007 12:56:07
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
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
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market
Original content of: Wiener Städtische Allgemeine Versichererungs AG, transmitted by news aktuell