Croatia gets two binding bids for top insurer

Croatia’s government said on Monday it had received two binding bids for 50-55 percent of its leading insurer, Croatia Osiguranje.

The bidders are Polish state insurer PZU and Croatian tobacco and tourism group Adris.

The government owns around 80 percent of Croatia Osiguranje, whose market share is at around 35 percent. The government said it wanted to keep a controlling stake of a little over 25 percent.

“After assessing the bids, we will propose to the government to choose the most favourable investor,” the finance ministry said in a statement.

Finance Minister Slavko Linic said the government might take a decision as soon as this week.

In a preliminary round held in October, Adris offered 234.5 million euros for a stake in Croatia Osiguranje and PZU offered 192 million euros.

Last week, Croatia rejected a bid from Austria’s Erste Bank for its last major state-owned bank, HPB, saying the offer was too low.

Source Reuters

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