Businessman Dan Adamescu, the majority shareholder in AstraAsigurări, is set to buy back the 27% stake in the insurer sold toAustria's Uniqa in 2005, with the deal due to be completed byyearend, market sources told ZF. Adamescu currently owns 70% inAstra, leader of the domestic insurers' ranking after the firstquarter. In 2005, the businessman raised 10m euros from theAustrians for the sold stake. "There is an agreement that byyearend the 27% stake should be transferred approximately under thesame price terms as in 2005," specified the above-quoted sources.Dan Adamescu could not be contacted by edition close. The fiveyears during which Uniqa has held stock in Astra have been wroughtwith problems as far as the relationship between Adamescu and theAustrians. Problems appeared as soon as Uniqa took over Unita, acompany held by another Austrian group, Vienna Insurance, with DanAdamescu saying Uniqa did not have the right to buy a local insurerwithout his agreement, as the two sides had a partnershipstipulating any acquisition to be sealed by mutual agreement.Another source of trouble was the change of Astra Asigurări nameinto Astra-Uniqa in the summer of 2006.
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