January 20 (SeeNews) - Croatian tobacco-to-tourism conglomerate Adris Grupa [ZSE:ADRS-R-A] is seeking regulatory clearance for the acquisition of a stake in local insurer Croatia Osiguranje [ZSE:CROS-R-A], the country's competition watchdog, AZTN, said.
In December, the Croatian government picked Adris Grupa as the best bidder in the sell-off tender for Croatia Osiguranje, the country's biggest insurer.
AZTN said on its website it has invited all companies operating on the life and non-life insurance markets in Croatia, trade associations and other interested parties to submit by January 27 comments, views and opinions on possible effects from the announced business concentration.
Adris Grupa's binding bid was priced at 970.45 euro ($1,315) per share for 39.05% of CO's regular shares, valuing the stake at 905 million kuna ($160.7 million/118.6 million euro). Adris has also proposed to recapitalize CO with 110 million euro.
(1 euro=7.6327 Croatian kuna)
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