Buyer Withdraws from Deal for Pension Fund Doverie
Thursday, 30 January 2014
The Vienna Insurance Group (VIG) said the potential buyer for its stake in Bulgarian pension fund Doverie has withdrawn from the deal.
"Thus, VIG will continue to be the majority shareholder of Doverie," VIG spokesperson Alexander Jedlicka told SeeNews.
In July, VIG said it had concluded the negotiations on the sale of its indirect holding of more than 92% in Doverie, Bulgaria's biggest pension insurer, to UK-based United Capital.
In August, United Capital said it had signed a final agreement with VIG on the acquisition of the Doverie stake, adding that the transaction will be financed by its shareholders. The deal had raised public concern as information about the buyer is scarce.
Doverie had total assets of 1.99 billion levs ($1.4 billion/1.02 billion euro) under management by September 30.