Uniqa's taking over of Unita violates Astra-Uniqa partnership, shareholder Nova Trade deemsPublish date: 09-11-2008
Insurance company Astra's majority shareholder Nova Trade said it will resort to judicial measures against the Austrian-based company Uniqa which breached a contract inked with Astra, by attempting to take over Unita, according to a company release.
The contract stipulated that the two companies, Nova Trade and Uniqa Group, are to have equal rights in any venture including the acquisition of a Romanian company, the release reads.
Uniqa currently controls 27 percent of Astra, the second-largest stake after the one belonging to Nova Trade, a company owned by Dan Adamescu.
The purchase of Unita violates Uniqa's assumed obligation towards Nova Trade which forbids taking part in any activities which would compete with Astra, according to the release.
Moreover, Nova Trade claims the partnership clinched three years ago with Uniqa is still on which gives the company the right to resort to legal actions.
The Austrian group Uniqa said it does not rule out the possibility to sell its participation of 27 percent in the share capital of Romanian insurer Astra Asigurari, but not this year, board member of Uniqa Group Austria, Andreas Brandstetter, announced four days ago.
The company is currently seeking to expand business and targets small companies in the Balkans.
Uniqa announced on November 5 it canceled the takeover of Astra after negotiations failed on the price for the remaining stake. Consequently, Uniqa will not be actively involved in the management and will no longer supply the know-how.
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