In order to reduce the excessive deficit partially, Croatia's government has decided to privatize publicly held assets. The insurance group Croatia Osiguranje and HBP (Hrvatska postanska banka) are the most valuable privatization targets. Croatia's government intends to keep the blocking minority in both companies.
Little more than the majority share will be sold of the insurance company. The selling of the controlling interest could, according to estimates, create around € 160m. For the market leader Croatia Osiguranje, Croatian diversified company Adris, Polish insurance company PZU and Slovenia's biggest insurance company Triglav expressed their interest.
However, Triglav is out of the race now. At the end of October, Croatia's government rejected the bid submitted by Triglav. According to the Croat government, this is mainly due to the financing structure. Triglav's rivals PZU and Adris have more financial power, the Croat government stated. Now, PZU and Adris were invited to further negotiations talks.
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Triglav: No expansion in Croatia
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