After Groupama, the next French group that could take over a local insurance company is AXA, which submitted a takeover bid for Asiban, and is now in the race for taking over Unita. The French financial groups continue to be interested in acquisitions in the insurance sector. Such is the case of giant AXA, which submitted a bid for Asiban, a company eventually taken over by Groupama, according to Bruno Leroy, resident partner of law firm Gide Loyrette Nouel, which assisted Groupama with Asiban's acquisition. "When the next takeover opportunity arises, a French financial group could submit a bid," says Leroy, adding that one of the French investors interested in the local insurance market is AXA, because it attempted to buy Asiban. In fact, market sources say AXA is among the favourites in the race to take over Unita, a company held by Vienna Insurance Group, which has been recently put up for sale. Another three large groups are battling over the acquisition of Unita, alongside AXA: Munich Re (Germany), PPF (the Czech Republic) and Zurich Financial Services (Switzerland).
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