Adamescu buys back 27% in Astra from Austrians

Businessman Dan Adamescu, the majority shareholder in Astra Asigurări, is set to buy back the 27% stake in the insurer sold to Austria's Uniqa in 2005, with the deal due to be completed by yearend, market sources told ZF. Adamescu currently owns 70% in Astra, leader of the domestic insurers' ranking after the first quarter. In 2005, the businessman raised 10m euros from the Austrians for the sold stake. "There is an agreement that by yearend the 27% stake should be transferred approximately under the same price terms as in 2005," specified the above-quoted sources. Dan Adamescu could not be contacted by edition close. The five years during which Uniqa has held stock in Astra have been wrought with problems as far as the relationship between Adamescu and the Austrians. Problems appeared as soon as Uniqa took over Unita, a company held by another Austrian group, Vienna Insurance, with Dan Adamescu saying Uniqa did not have the right to buy a local insurer without his agreement, as the two sides had a partnership stipulating any acquisition to be sealed by mutual agreement. Another source of trouble was the change of Astra Asigurări name into Astra-Uniqa in the summer of 2006.