EU – Baltic States, Financial Services, Insurance, Latvia, Legislation, Mergers and take-overs

The Commission’s consent is one of the conditions preceding the acquisition of Balta’s shares. For the acquisition of the Latvian leader, the consent of three regulators is required: the local antimonopoly authority, Financial and Capital Markets Commission of the Republic of Latvia and the Ukrainian antimonopoly authority. The Latvian antitrust authority issued an unconditional consent for the acquisition already on 6 June. On 10 June, the decision was made by the Commission. PZU is still waiting for the consent of the Ukrainian antimonopoly authority and completion of other actions envisaged by the share purchase agreement.

The agreement of 17 April 2014 stipulates that PZU SA will acquire also the leader of the Lithuanian market – Lietuvos Draudimas AB and the Estonian branch of the company Codan Forsikring A/S. The acquisition of the shares of Lietuvos Draudimas AB requires the consent of: the Bank of Lithuania, Lithuanian antimonopoly authority and Ukrainian antimonopoly authority.

The total value of the acquisition of the RSA companies operating in the Baltics and Poland amounts to approx. EUR 360 million. PZU's international expansion is one of the key elements of the Group's strategy.