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Tobacco Giants Buy Out Croatia’s Largest Insurer

CroatiaOne of Croatia’s largest companies, Adris Grupa, has purchased state-owned insurance company Croatia Osiguranje…

The Croatian government accepted Rovinj-based Adris Grupa’s offer of 905 million kuna (118 million EUR) for 39.05% of ordinary stock on Wednesday in the oldest and largest insurance company in the country.

Adris Groupa, which is the largest tobacco company in Croatia and also specialises in tourism, also offered 110 million EUR as an injection of fresh capital into Croatia Osiguranje. The Croatian government explained that Adris Grupa offered a higher price per share and funds for recapitalisation twice as high as other the next best bidder. Once recapitalisation is complete, Adris will hold a 60% stake in the insurer, with the government  holding 28%.

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