Sale of Capital
Completed Insurance Companies Capital Sale Procedures

Insurance and Reinsurance Company DDOR Novi Sad, Novi Sad (DDOR)

  • Subject of sale was 83.32% of the DDOR share capital
  • First ranked bidder: Fondiaria SAI S.p.A
  • On 30 November 2007, the Sales and Purchase Agreement was signed between the Deposit Insurance Agency which represented the sellers (socially-owned capital, Development Fund of the Republic of Serbia, and private shareholders – Beopublikum a.d. Beograd, M&A Publikum d.o.o., Maksima Holding d.d. Ljubljana, and Mandat d.o.o. Beograd), and Fondiaria SAI S.p.A, as the buyer
  • Purchase price for the shares that were subject to sale was EUR 220 million
  • Also, the Sales and Purchase Agreement was signed which concerned DDOR Novi Sad a.d.o. pooled shares. The Agreement was signed between the same signatory parties, but the subject of this sale were the shares of minority shareholders who pooled their shares with the controlling package of shares and authorized the Agency to represent them in this deal
  • On the occasion of the closing of the transaction, 31 January 2008, the sellers were paid 80% of the sales price and the rest was paid on June 1, 2009, all in accordance with the signed SPA
  • Financial advisor: BNP Paribas