CIG Pannonia to buy life insurer peers

Deals

Hungary’s CIG Pannonia Life Insurance announced today that its board of directors has decided to purchase peers MKB General Insurance and MKB Life Insurance, Hungarian news agency MTI reported.

CIG Pannonia Life Insurance will acquire 98.97% of the shares of MKB Life Insurance, while subsidiary CIG Pannonia First Hungarian General Insurance will purchase 98.98% of the shares of MKB General Insurance from Versicherungskammer Bayern, MTI reported. 

The transaction will require approval from the Hungarian Competition Authority, as well as the National Bank of Hungary.

Early this morning it was announced that trade in the shares of CIG Pannonia would by suspended today pending an announcement by the issuer that could affect the share price. CIG Pannonia closed at HUF 170 on Thursday. It has traded between HUF 183 and HUF 135 over the past year, MTI said.

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