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Nov 07, 2019 18:09 EEST
November 7 (SeeNews) - The plannned merger of the Bosnian subsidiaries of Austrian insurer Grazer Wechselseitige Versicherung (GRAWE) - Atos Osiguranje and Grawe Osiguranje - will not hinder competition, the Bosnian antitrust regulator said.
The merger of the two companies is not a 'merger' in the sense outlined by the local law, as it does not present the tie-up of two independent companies, it said in a statement published earlier this month.
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In September the Austrian firm submitted a request for merger approval with the antitrust watchdog.
Both companies are wholly-owned by Grawe and their merger would allow for greater market efficiency of operations, due to the combination of know-how and the reduction of unnecessary overlaps, it said iat the time.
Grawe acquired Atos in 2018 in a deal valuing at just over 23 million marka ($ 13.02/11.75 euro).
(1 euro = 0.5113 marka)
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