April 10 (SeeNews) - Slovenia's Administrative Court has dismissed an appeal against a ban on the acquisition of shares in local reinsurer Pozavarovalnica Sava by Croatia Osiguranje imposed by the Slovenian insurance regulator, the Croatian insurer said.
The transaction would have allowed Croatia Osiguranje and its holding company, diversified conglomerate Adris Grupa [ZSE:ADRS], to become direct or indirect owners of a stake of 20% or more but less than one-third of the share capital of Pozavarovalnica Sava, Croatia Osiguranje said in a filing with the Zagreb Stock Exchange on Tuesday.
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In May 2018, Slovenia's insurance regulator rejected Croatia Osiguranje's request to become owners of 20% or more of the capital of Pozavarovalnica Sava, also known as Sava Re, after which the Croatian company said it was in a position to file a suit against the decision with the Administrative Court of Slovenia.
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