Tuesday, July 24, 2007

Wiener Staedtische plans purchase of majority stake in Romania's Asirom

VIENNA (Thomson Financial) - Wiener Staedtische Versicherung AG (Vienna Insurance Group) said it has signed a contract to acquire a majority shareholding in Romania's SC Asigurarea Romaneasca Asirom S.A. (Asirom).Wiener Staedtische announced that has acquired 30 pct of Asirom's shares from the company's current majority shareholder, Romanian Interagro S.A., as the first step in the acquisition process.

The Vienna-based insurance conglomerate said it will make a compulsory offer to Asirom's remaining shareholders after it has acquired the majority in the Romanian company.
Wiener Staedtische chief executive Guenter Geyer told Thomson Financial News that Interagro's private owner is contractually obligated to secure a majority in Asirom shares for the Austrian group by the end of this year.No financial details were released for the transaction.

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