Vienna Insurance Group takes over Asirom

The transaction was made on the Rasdaq stock market on which the insurance company is listed. The 131 million shares were purchased from Asirom shareholder InterAgro, owned by businessman Ioan Niculae.

"By purchasing Asirom, VIG has become the undisputed leader on the Romanian insurance market," the group's General Manager, Gunter Geyer, said.

VIG already purchased 30 percent of Asirom at the end of July. Ioan Niculae was also the seller in that deal. The Austrian group indicated that it plans to obtain controlling interest in the insurance company, if the deal is given the green light by the Competition Council.

VIG directly controls insurance companies Omniasig (97.78 percent) and Unita (99.99 percent). Omniasig ranks second on the domestic general insurance market and is the main company VIG owns in . VIG has been present on the Romanian market since 2001, when it took control of Unita. The group owns 35 brands in 17 countries.

Ioan Niculae is one of the top agriculturalists, with some 25,000 hectares in use. He was owner of about 50 percent of Asirom through Interagro and another 8 percent through another company he controls, Astra Ploiesti, before selling most of its stock to VIG.