Investment Intelligence provides up-to-date private equity information and news designed for entrepreneurs, private equity investors and corporate acquirors interested in Central & Eastern Europe.

Generali PPF Offers Takeover of ARDF

Posted Wed, 10/06/2009 - 14:31

The majority shareholder of Romanian insurance firm ARDF is poised to delist it from the RASDAQ market after acquiring what remains of the company's shares. Generali PPF plans a public offer for mandatory takeover of ARDF, at a cost of up to RON 21.58 million. The outstanding shares amount to 18% of the total, or 196,206,286 shares.

The offer was made public on June 5th and will expire the 3rd of July. Despite significant revenue losses in the first three months of this year, Generali has no plans to liquidate ARDF. Instead, it is committed to making ARDF one of the region's major players. As part of that commitment Generali will reinvest any profits back into the insurer, and will not distribute dividends for the next several years.

PPF Group (www.ppf.cz)
PPF Group was established in 1991 in the Czech Republic and has since grown into one of the largest investment groups in CEE. Considered to be one of the most important financial groups in the region, PPF focuses on banking and insurance services, private equity investments, and real estate. As of Q3 2008, the firm had nearly €10 billion under management. The company maintains four offices in Amsterdam and the Czech Republic.