CPC Approved Acquisition of 70% of ZPAD DZI

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The Commission for Protection of Competition (CPC) approved the acquisition of 70 % of the capital of Insurance and Reinsurance company DZI by KVS Insurance, Belgium.

So far the companies have not been operating on the same market. KVS Insurance has a long and remarkable experience and long term investment objectives in the field of insurance.

The CPC has found at that DZI is one of the leading companies on the Bulgarian insurance market but the company’s share is under the limit set for an absolute leadership position.

In the area of life insurance the Commission’s analysis shows that DZI holds neither sole nor shared leading position. Moreover a large number of the company’s competition are also part of international groups with serious financial abilities.

The conclusion of the Commission for Protection of Competition is that the deal could in no way harm the market in the field.

On January 29, 2007 a contract for the purchase of 70% of the capital of Insurance and Reinsurance Company DZI was signed. The price for the stake was 185 mln euro and in addition to that price the contract requires the payment for 70% of the retained profit from the share of DZI and Galaway Ltd( a 100% subsidiary of DZI and DZI General Insuranse) to DZI Bank AD in the amount of 75 mln euro.

So far today 10 shares the stock of ZPAD DZI have been traded at an average of 145 leva which is a drop of 8.23% on the position.

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