Businessman Dan Adamescu, minority shareholder of insurancecompany Ardaf, is fighting once again to get a higher price for hisshares and intends to sue Generali PPF, majority shareholder of theinsurer, and the National Securities Commission if the squeeze outof minority shareholders is not suspended. However, not a lot is atstake in the Ardaf conflict, with Adamescu holding less than 1%,which, considering the price offered by Generali PPF, is worth lessthan 1 million RON.
Adamescu holds shares in Ardaf through Nova Trade. He is alsomajority shareholder in Astra insurance company (70%), which, inturn, holds 16% in Generali Asigurari. Adamescu is the biggest andone of the few local investors in the insurance sector.
"Nova Trade will sue Generali PPF and CNVM together for themanner in which the squeeze-out (of minority shareholders) wascarried out at Ardaf if CNVM does not rule in favour of suspendingthe procedure. As a minority shareholder, Nova Trade believes ithas suffered damage due to non-compliance with procedures and tonot being fully informed by majority shareholder Generali PPF, aswell as due to the lack of response from the National SecuritiesCommission," Nova Trade officials said yesterday.
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