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Lithuania: Polish insurer agrees to divestitures in exchange for rival buyout

 |  September 17, 2014

Eastern Europe’s largest insurer has reportedly agreed to proposed concessions to secure its plans of acquiring a Lithuanian rival.

Poland’s PZU said it will divest aspects of its operations in Lithuania to ease concerns over its purchase of Lietuvos Draudimas, part of a larger transaction made for $467 million.

The overall deal would see PZU acquire the majority of UK-based insurer RSA’s assets in Eastern Europe.

Reports say PZU presented Lithuanian authorities with the concessions and added that it would immediately begin searching for a buyer once it receives approval to do so. The company said it expects permission to sell assets to come before October 10.

Full content: Reuters

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