November 10 (SeeNews) - Romania's competition authority said on Wednesday it has approved the takeover of Romanian insurance companies ERGO Asigurari de Viata and ERGO Asigurari by German insurance group Signal Iduna.
"Following a review of the transaction, the Competition Council has found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the anti-trust body said in a statement.
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In May, Signal Iduna said it has agreed to acquire the two companies from from ERGO Group.
The transaction is expected to be completed by the end of 2021, Signal Iduna said at the time.
Active in Romania since 2008, Signal Iduna Group was created through the merger of Dortmund-based Signal Versicherungen and Hamburg-based Iduna Nova Group in 1999.
ERGO is one of the largest insurance groups in Germany, present in around 30 countries, according to its website.
Signal Iduna Asigurare Reasigurare SA is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
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