KBC gains majority control over Warta

Belgian KBC has purchased an 11% stake in publicly listed insurer Warta from Kulczyk Holding. This means that after several attempts, the Belgian company has finally managed to take control over the second largest national non-life insurer. The transaction was executed outside the stock exchange, as KBC purchased a Dutch-based subsidiary of the insurer, Warta Investments, which controls 11% of Warta. This also means that both sides managed not to disclose the value of the transaction. According to analysts' estimates, KBC paid between zł. 140-160 million for the stake. The Belgian company has announced plans to call for the purchase of the remaining Warta shares. "We will do this as soon as possible, perhaps over the next few days, but certainly within the next couple of weeks at the latest," said KBC spokesman Stefan Leunens. However, the ultimate decision will depend on Kulczyk Holding, which still controls 47.7% in Warta. (Parkiet, p. 1) A.K.