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Croatia likely to sell stake in insurer to Adris

December 19, 2013 - 6:00am

Croatia's government is likely to sell part of its stake in insurer Croatia Osiguranje d.d. to local tobacco group Adris grupa d.d. as its bid was higher than Polish insurer PZU S.A., Reuters reported.

Adris had offered €234.5 million ($321 million) for a stake and PZU offered €192 million. The government owns a little more than 80% of the insurer, and wants to reduce it to just over 25%. Croatia Osiguranje has a market share of about 30%.

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