MNB approves share acquisition in CIG Pannónia by Konzum

Deals

The National Bank of Hungary (MNB) yesterday gave approval to holding company Konzum acquiring a 24.85% stake in insurer CIG Pannónia Életbiztosító and its subsidiary CIG Pannonia Első Magyar Általános Biztosító. 

According to the information released by the companies and published on the Budapest Stock Exchange website, the transaction is expected to be closed by the end of May.

Konzum said in December last year that it planned to acquire a 24.85% stake in the insurer through a HUF 8.2 billion capital raise. Simultaneously with the closing of the transaction on May 31, CIG Pannonia will purchase a 5.04% packet of Konzum shares, as was also announced in December 2017.

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