The government of Croatia has said that it received two binding bids for between 50 and 55 percent of insurer Croatia Osiguranje. The offers were submitted by Poland’s largest insurer PZU and Croatian tobacco and tourism group Adris.
“After assessing the bids, we will propose that the government choose the most favorable investor,” Croatia’s Ministry of Finance said in a statement. Finance Minister Slavko Liniĉ said that a decision may even be expected this week.
PZU had offered €192 million for the stake in a preliminary bid, while Adris offered €234.5 million.
The Croatian governemtns holds an 80 percent stake in the insurance firm, which currently has a 35 percent market share in the country. The government is looking to keep a controlling stake of some 25 percent.
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