Businessman Dan Adamescu, majority shareholder of insurancecompany Astra, has struck a deal with Austrian-held Uniqa to buyback the 27% stake he sold to Uniqa five years ago. At the time thevalue of the deal was 10 million euros.
Adamescu currently holds almost 73% in Astra, which at the end ofthe first quarter was no. 1 on the insurance market. In the wake ofthe stake purchase from the Austrians, he will become the company'sonly significant shareholder. Adamescu is among the fewbusinesspeople who are not selling to foreigners at present, butquite the contrary, are buying stakes they sold in the past.
The buyback is however not part of a strategy, it resulted from thetwo partners not reaching agreement. Since it entered the Romanianmarket in 2005, Uniqa has been seeking to become a majorityshareholder of Astra, but failed to do so because it did not manageto reach agreement with the Romanian businessman. In the meantimehowever, Uniqa found its way onto the Romanian market through thepurchase of Unita (currently Uniqa Asigur`ri), a top teninsurer.
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