Market regulator HANFA on Friday announced that it has approved a takeover bid by Adris for the remaining free float in insurer Croatia Osiguranje. The obligation to make the bid was triggered by the purchase of a 39.7% stake from the government, with which it acts in concert. For the remaining 54,096 common and preferred shares of Croatia Osiguranje, Adris is offering HRK 7,412.25 per share, equal to the price paid for the government stake and new shares issue in the capital increase, valuing the free float at HRK 401mn.

The bid should be announced within a week and last for 28 days. The news is a mandatory step in the process of taking over Croatia Osiguranje and is thus expected.

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CROATIA: Market regulator approves takeover bid by ADRIS for the remaining free float in CO