Allianz, Generali, Axa Eyeing Polish Insurer Warta - Report
November 14 2011 - 4:10AM
Dow Jones News
A number of western European insurance companies have begun
conducting due diligence on Polish insurer Grupa Warta, which
Belgium's KBC Group NV (KBC.BT) has put up for sale, daily
Rzeczpospolita reports, citing an unnamed source.
Warta's suitors include Allianz SE (ALV.XE), Italy's
Assicurazioni Generali SpA (G.MI), Talanx Group, Vienna Insurance
Group, Zurich Financial Services AG (ZURN.VX) and Axa SA (CS.FR),
the report says.
Warta's price is oscillating around EUR700 million, the paper
quotes its source as saying. A suitor may be chosen in the first
quarter of 2012, it adds.
KBC has decided to sell Warta as well as its 80% stake in Polish
Kredyt Bank SA (KRB.WA) to help it meet stringent new capital
requirements at home.
Warta is wholly owned by KBC.
Newspaper website: www.rp.pl
-By Marynia Kruk, Dow Jones Newswires; +48 22 447-2431;
marynia.kruk@dowjones.com
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