Fonsai rises  4.18% after acquisition in Serbia

Fonsai rises 4.18% after acquisition in Serbia

Italian insurance group Fondiaria Sai has completed the acquisition of 83.32% in Serbiàs second biggest insurer DDOR Novi Sad, for 220mln euro, said Fausto Marchionni, CEO of the Italian insurer, which is controlled by the Ligresti family. According to Marchionni, Fondiaria Sai is also seeking new business opportunities in Romania, Greece and Turkey. Following the closing of the deal in Serbia, Fonsai shares rose 4.18% on the stock exchange to 27.44 euro, compared to a loss of 4.29% registered on the previous day. Under the acquisition deal signed in Belgrade, Fonsai will launch a public takeover bid to buy some 10% more in the Serbian company which covers 30% of the local insurance market. The privatisation of DDOR was launched by the government several months ago and Fonsai was the only bidder to make a formal offer.