Belgian KBC Verzekeringen buys shares for 40% stake in insurer Warta

KBC Verzekeringen of Belgium has raised its stakes in Poland's largest private insurer Warta to 40% following the purchase of shares previously controlled by Kulczyk Holding and Euro Agro Centrum. KBC also bought almost all the 2.07 million series F shares issued by Warta. The transaction was not assured until recently because Warta's majority shareholder, Kulczyk Holding, refused to endorse KBC's bid. Instead, Kulczyk Holding had favored the French insurance giant AXA, but subsequent negotiations convinced Kulczy,k to change its mind. The revenues from the latest transaction will be allocated for expanding Warta's capital group, which includes the pension fund PTE DOM and the life insurance division Warta TUnZ. (Parkiet, p.7).