Generali To Fully Take Over Ardaf

Ştefania Ciocîrlan

Generali PPF Holding yesterday launched a public takeover bid for 18% of the share capital of the insurer Ardaf (RASDAQ:ARDF). Generali indirectly holds 82% in Ardaf via Iberian Structured Investments I B.V. This is the second public takeover bid made by a indirect shareholder after insurers Uniqa and Unita made a mandatory takeover bid for 7.29% in Agras Vienna Insurance Group at the end of March.

"The bid launched by Generali has given a positive message to the market, especially being an indirect takeover," said Dumitru Beze, the President of the Associated Capital Market Investors (AIPC). "We would like the Ardaf shareholders and the National Securities Commission to offer a breakdown of the price, considering the public information that Ardaf and Rai were acquired as a package for at least 80 million EUR," he added.

Generali"s launched the takeover bid despite the National Securities Commission"s reluctance to pass a final ruling on the indirect shareholders" obligation to make public takeover bids. The Commission left this topic up for public debate and initiated a draft regulation for public takeover bids what has not yet become effective.

CNVM President Gabriela Anghelache late last weeks said that public takeover bids made by indirect shareholders were not fully regulated, even in the EU, despite some specific precedents.

"If we regulate the indirect shareholders" obligation to make public takeover bids, we face the risk of over-regulating the Romanian capital market," Anghelache said.

Generali will pay some 21.58 million RON for 196.2 million shares in Ardaf, equal to 0.11 RON/share. The bid will be effected between 5 June and 3 July.