DDOR sale contract signed

Serbia on Friday officially sold 83.3 percent of insurer DDOR to Italian Fondiaria.

Izvor: B92

Friday, 30.11.2007.

19:58

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Serbia on Friday officially sold 83.3 percent of insurer DDOR to Italian Fondiaria. Representatives of the Deposit Insurance Agency, on behalf of the state, singed the contract worth EUR 220mn. DDOR sale contract signed The deal was signed at the Serbian government headquarters by Agency Director Milorad Dzambic and Fondiaria Director Fausto Marcioni. Finance Minister Mirko Cvetkovic said in the occasion that the state capital in DDOR Novi Sad, and that from a number of minority shareholders, were sold at a price of EUR 125 per share, which is, in his words, eight times the nominal value of the stock. The sale of the Novi Sad-based insurer, one of the county's top two companies in the sector, with some 30 percent stake in the market, is generally considered to have been disappointing. Fondiaria was the only bidder, initially offering only EUR 184mn in the failed November 19 auction. The news was interpreted as a lack of trust in the Serbian financial market, causing a serious upset in the Belgrade Stock Exchange (BSE) the next day, in the wake of which the dinar started losing in value against the euro. The signing of the contract (FoNet)

DDOR sale contract signed

The deal was signed at the Serbian government headquarters by Agency Director Milorad Džambić and Fondiaria Director Fausto Marcioni.

Finance Minister Mirko Cvetković said in the occasion that the state capital in DDOR Novi Sad, and that from a number of minority shareholders, were sold at a price of EUR 125 per share, which is, in his words, eight times the nominal value of the stock.

The sale of the Novi Sad-based insurer, one of the county's top two companies in the sector, with some 30 percent stake in the market, is generally considered to have been disappointing.

Fondiaria was the only bidder, initially offering only EUR 184mn in the failed November 19 auction.

The news was interpreted as a lack of trust in the Serbian financial market, causing a serious upset in the Belgrade Stock Exchange (BSE) the next day, in the wake of which the dinar started losing in value against the euro.

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