Tender commission made decision to sell large insurance company -"Fondiaria" to buy DDOR for 265.05m EUR

- Tender commission has decided to sell DDOR Novi Sad to the only bidder on the tender – Italian company "Fondiaria", at price of 264.05m EUR for 100% of capital od DDOR - Deposit Insurance Agency announced.

The signing ceremony wil take place prior to November 30. According to the words of President of Tender commission, Slobodan Ilić, the decision made by the Administrative Board of the Deposit Insurance Agency and Tender commission that the offer of the only bidder be accepted was unanimous.

Ilić says that such decision is reasonable and rational when having in mind the offered price, as well as that the proportion between selling price and gross calculated premium is 1.9 and that it is much higher than regional average that amounts to 1.47.

An argument that speaks in favor of sale of DDOR at that price is the fact that the index of proportion between selling price and accounting value of the capital in amount of 4.1 is more favorable than the average value of that index in the region, that is, 3.3.

According to Ilić’s words, the achieved price of 125 EUR per stock is more than 8 times higher than the nominal value of the stock, and employees, former employees and retired persons will be able to obtain about 373 EUR per year of work.