17th January 2012
Monday, May 21st, 2012
KBC extends Warta sale deadline following disappointing bids
Belgian financial group KBC has extended the period during which offers can be submitted for its Polish insurance holding Warta to January 23, Rzeczpospolita reported, citing unnamed sources.
KBC is reportedly not satisfied with the offers it has received so far.
KBC received €7 billion of state aid during the financial crisis and has agreed with the European Commission to divest assets in order to pay the money back. It is selling Polish lender Kredyt Bank as well as Warta. Analysts value the Polish insurer at zł.1.0-1.5 billion.
Italy's Generali, German Talanx International and Austria's Vienna Insurance Group are reportedly among the potential bidders for Warta.
GP
From Warsaw Business Journal
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