Croatian tobacco and tourism group Adris has outbid Poland's insurer PZU in the privatization process of insurer Croatia Osiguranje (CO), according to sources quoted by Croatian daily Večernji. The news was confirmed by the Croatian government.
According to the source, Adris has increased its offered price for the stake in Croatia Osiguranje, while PZU lowered its bid.
The Croatian daily stated that the latest PZU offer is €126.5 million for 50 percent of its Croatian peer's stock, while Adris offered €128.26 million for 41.80 percent of the CO shares.
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