Slovenian Court banned the AZN denying approval for the acquisition of shares in SAVA Re by CROATIA Osiguranje
The transaction would have allowed CROATIA Osiguranje and its holding company, diversified conglomerate Adris Grupa, to become direct or indirect owners of a stake of 20% or more but less than one-third of the share capital of Pozavarovalnica SAVA, CROATIA Osiguranje announced.
"CROATIA osiguranje d.d.(...) hereby announces that the Administrative Court of the Republic of Slovenia, acting in a repeated procedure, rejected the claim lodged by ADRIS grupa d.d. and CROATIA osiguranje d.d. against the Decision of the Insurance Supervisory Agency denying approval for acquisition of shares of Pozavarovalnica SAVA d.d.(...). The acquisition would have resulted in ADRIS grupa d.d. and CROATIA osiguranje d.d. becoming direct or indirect holders of a share in the capital equal to or higher than 20% but lower than one third of the capital."
Currently, ADRIS Group (including its subsidiaries with fiduciary accounts) holds 3,278,049 POSR shares, representing 19.04 % of issued and 21.15 % of outstanding shares of SAVA Re.
ADRIS Group (through its insurance unit CROATIA Osiguranje) has already requested three times the AZN approval to increase its stake in SAVA Re: the authority has banned it from increasing its 20% stake in the Slovenian re-insurer in October 2016, June 2017 and May 2018. Up to this moment, none of these requests were approved, the reasons behind the AZN decisions being not disclosed.