Two suitors table bids for Agrotiki
The sale of Agrotiki Insurance is moving toward its final stretch, as its two candidate buyers have submitted binding offers. Interest from Germany’s Ergo and France’s Groupama appears strong, as they have their own reasons to expand their presence in the Greek market. The amount they are offering has not been revealed, but the intensive competition between the two suitors puts estimates at between 100 and 180 million euros. Offers at this stage concern the sale of 51 percent of the company, although sources from both companies suggest that they wish to acquire all of the insurer. Within this context, there may be an option included in the contract regarding the possibility of a future increase of the stake that the winner of the tender will acquire. ATEbank group, which today owns 87 percent of the insurance company, will maintain 36 percent after the sale of the 51 percent stake that allows it to have increased minority rights. The management of Agrotiki Insurance will soon meet with its consultant for the valuation stage and there may even be a second negotiating phase should the two bids prove to be close to one another.
