Big players to bid for DDOR

Big players to bid for DDOR

The end date for the submission of final offers was postponed for the end of March.

Among the potential buyers are some of the renowned foreign insurance companies, including AXA, Allianz, Generali, KBC Group, Groupama, VHV Group, Fondiaria SAI, Triglav, Wiener Stadische, La Baloise, Czech Pojistovna and Ethniki.

Explaining the reasons behind the extension of the deadlines, Botić said foreign investors agreed to wait for the results of the parliamentary elections and see the orientation of the new government.

He said that DDOR’s price wasn’t affected by the delay since “the company had a good business record in 2006 and carried out organizational changes to suit the European standards.”

“We’ve used the postponement to our benefit. It’s not within our ability to affect the decision of a company that may have lost interest to bid for DDOR”, Botić argued.

He added that the DDOR end price will not reflect only the nominal value of the company, but also its share in the insurance market and the potential for regional development.

Botić confirmed that the company made between 400 and 500 million euros in gross premium revenue in 2006, topping the 2005 results.

“DDOR held as many as 31 percent of the Serbian insurance market last year”, Botić concluded.