The Intended VIG Acquisition of Polish Warta Faces a Tough Competition

Published: October 17, 2011; 14:29 · (Vindobona)

According to the Polish daily Rzeczpospolita, analysts estimate the value of the Polish insurer Warta at € 230-340m.

The Intended VIG Acquisition of Polish Warta Faces a Tough Competition / Picture: © Vienna Insurance Group

More than ten companies have expressed their interest and have already received preliminary information. Apart from Vienna Insurance Group, interested in buying Warta are: Axa, Generali, HDI Asekuracja and Allianz, also Swiss Zurich would like to return to the Polish market. The transaction is expected to be finalized not sooner than in January.

According to Rzeczpospolita, negative impacts on the valuation of Warta have a strong connection to sold separately Kredyt Bank. Kredyt Bank and Warta are owned by the Belgian KBC Group, which in order to pay off its government aid, is forced to sell its shares in the Polish market. The KBC Bank owns 80% of shares in Kredyt Bank and 100% in Warta.

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