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Dec 18, 2007 17:45 EEST
December 18 (SeeNews) - Austria's Vienna Insurance Group has raised its stake in Romanian insurer Asirom to 66.5% from 50.2% following a buyout bid which expired on December 17, bourse data showed on Tuesday.
Vienna Insurance Group paid 79.95 million lei ($32.5 million/22.6 million euro) for some 106.1 million shares or 16.3% of Asirom, according to Bucharest Stock Exchange (BVB) data.
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The price per share was 0.7535 lei. Asirom shares lost 2.78% to close at 0.70 lei in regular trading on the over-the-counter RASDAQ market on Tuesday.
On November 27 Vienna Insurance Group launched a mandatory public buyout bid for the 49.82% of Asirom that it did not own. Under Romanian legislation, owners of more than 33% of a listed company are required to make a buyout offer to the other shareholders. Vienna Insurance Group said it had already raised its stake in Asirom to 50.2% by acquiring 20.2% of the company for an undisclosed sum.
The Austrian group operates in Romania through insurance companies Asirom, Omniasig, Omniasig Asigurari de Viata and Unita and Agras.
(1 euro = 3.5413 Romanian lei)
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