PZU loses battle for Croatia Osiguranje insurance firm
December 20, 2013
Poland’s largest insurance group PZU lost the battle for the purchase of Croatia's insurer Croatia Osiguranje to tobacco group Adris, Croatian finance minister said Wednesday confirming earlier unofficial reports.
"We accepted Adris's offer," Finance Minister Slavko Linic said at the government sitting.
Earlier, Croatian daily 'Vecernji list' reported that PZU lost in the race for the Croatian firm after Adris hiked its bid and PZU lowered it.
Adris reportedly increased its price tag for a 41.8% stake in Osiguranje by EUR 23.76 million to EUR 128.26 million, while PZU lowered its bid to EUR 126.5 million from EUR 142.5 million for a 50% stake, the daily said.