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Allianz wins SP tender

The German insurer Allianz has been selected by a privatisation commission as the winner of a public tender for a 66.8% stake in the Slovak state insurance house Slovenská poisťovňa (SP). The decision has yet to be approved by cabinet, which will debate it in early January 2002. Allianz will also be buying a 24.3% stake in SP held by private financial investor Penta Group, which had earlier signed an agreement with the Finance Ministry allowing it to sell its stake under the same conditions as the state. Officials have not revealed the size of Allianz’s bid, which was enough to defeat its only competitor in the tender, the Dutch Aegon. SP now controls about half the domestic insurance market, while Allianz has roughly 8%; the anti-monopoly office is expected to rule on whether the deal represents unfair market concentration.

Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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