February 5 (SeeNews) - Serbian car dealer British Motors said it plans to launch a buyout bid for the remaining shares of local insurer Globos Osiguranje [BEL:GLOS] it does not already own.
British Motors intends to purchase a total of 386,277 ordinary shares, representing 28.2% of Globos Osiguranje's share capital, the company said in a filing with the Belgrade Stock Exchange on Tuesday.
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British Motors has committed to submit the offer to the Serbian regulatory authorities within 15 workdays and launch the process as soon as it receives clearance.
The bidder currently holds 982,960 Globos Osiguranje shares, or 71.8% of the insurer's share capital.
Globos Osiguranje's shares last traded on the Belgrade Stock Exchange on January 31, closing 16.59% lower at 367 dinars ($3.4/3.1 euro).
(1 euro = 117.606 dinars)
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