September 20 (SeeNews) - Belgian banking and insurance group KBC has raised its stake in Bulgarian insurer DZI to 85.11% from 81.21% in the beginning of September following a buyout offer to minority shareholders, DZI said on Thursday.
KBC owned 3,285,255 DZI shares, or 85.11% of the company’s capital, on September 14, DZI said in a statement.
You can subscribe to our M&A newsletter here
On September 5 KBC launched a buyout bid to minority shareholders in DZI offering 188.37 levs ($131.2/96.47 euro) for each of the 725,282 DZI shares it did not own at that moment. KBC has announced plans to delist DZI's stock.
DZI, one of the 10 biggest public companies in Bulgaria in terms of market capitalisation, reported a net profit of 1.39 million levs for the first half of 2007, down 46.5% on the year.
Shares in the company closed unchanged at 188.37 levs in on the Bulgarian Stock Exchange on Thursday.
(1 euro = 1.9583 Bulgarian levs)