DDOR sold to Fondiaria for EUR 220mn

Serbia on Monday sold 83.3 percent of DDOR insurer for EUR 220mn.

Izvor: B92

Tuesday, 27.11.2007.

14:16

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Serbia on Monday sold 83.3 percent of DDOR insurer for EUR 220mn. The agencies report that the deal was struck after Italy's Fondiaria, the sole bidder, improved its original offer, the government said in a statement. DDOR sold to Fondiaria for EUR 220mn The decision was announced by the Deposit Insurance Agency. The Novi Sad-based isurer is the second largest in Serbia with some 30 percent share of the market. Reuters says that the opening of the tender, which saw only one bid "markedly below government expectations", was seen as "a sign that investors had no appetite for Serbia at a time of political risk". One of the effects of the tender was a fall of the Belgrade Stock Exchange (BSE) indexes and of the domestic currency.

DDOR sold to Fondiaria for EUR 220mn

The decision was announced by the Deposit Insurance Agency.

The Novi Sad-based isurer is the second largest in Serbia with some 30 percent share of the market.

Reuters says that the opening of the tender, which saw only one bid "markedly below government expectations", was seen as "a sign that investors had no appetite for Serbia at a time of political risk".

One of the effects of the tender was a fall of the Belgrade Stock Exchange (BSE) indexes and of the domestic currency.

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