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VIG Considers Expanding Further

Published: October 24, 2012; 17:51 · (Vindobona)

Vienna Insurance Group has cash reserves of € 1.5bn. Now, the insurance group wants to take over some small or medium-sized companies.

VIG Considers Expanding Further / Picture: © Vienna Insurance Group / Robert Newald

According to VIG´s CEO Peter Hagen, the company considers acquiring two or three takeover targets. The price will reach two-digit million amounts each. VIG´s growth markets are Poland, Romania, Bulgaria and the Ukraine.

Hagen explains that VIG has taken over more than 40 companies since 2000. However, the number of rejected takeover candidates was even twice has high. Hagen emphasizes that VIG´s cash reserves dedicated to acquisitions comes at € 1.5bn. As a result, the external growth will take place organically, Hagen stresses. A capital increase would not be reasonable anyway.

At the moment, VIG´s market share in Central and Eastern Europe comes at 20%. Last year, the market share reached 17%.

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