Austria’s Grawe, likely to take over Carpatica Asig from Carabulea

Austria’s Grawe, owning a top ten life insurer, is likely to take over a medium-sized company controlled by businessman Ilie Carabulea of Sibiu, according to market sources. The Austrians have been eyeing an acquisition in general insurance for several years. Grawe CEO, Peter Kasyk, early this year became a member of Carpatica Asig’s board of directors, a quite uncommon event in the case of two companies that are not part of the same group and which could signal a takeover. Kasyk made no comment on a possible acquisition of Carpatica Asig, but specified his objective was to drive this insurer into the black. Grawe’s first contact with Carpatica shareholders took place two years ago, when a takeover was discussed, but no deal was sealed. "I’ll turn Carpatica Asig into a profitable company. First, it has to generate profit, and then we may mull an acquisition," stated Kasyk. Contacted by ZF, Ilie Carabulea, who controls Carpatica financial group, denied the information on the sale of Carpatica’s insurance arm to Grawe. "Peter Kasyk is present in Carpatica Asig’s board of directors due to the close relation between the two firms. Additionally, be brings a know-how plus to the company, given the intention of Carpatica’s insurance arm to expand on the life insurance segment and Grawe’s plan to enter general insurance. Thus, the two firms’ intention is to support each other," said Carabulea.