Wiener Städtische Versicherung AG - VIENNA INSURANCE GROUP
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
Mergers -
Acquisitions - Takeovers
Wiener Städtische Versicherung AG Vienna Insurance
Group and ERGO Versicherungsgruppe:
Merger of UNION Versicherungs-AG und BA-CA Versicherung AG
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
16.03.2007
Ad-hoc
Please note: this is a translation; only the German version of this release is legally binding.
Wiener Städtische Versicherung AG Vienna Insurance Group and ERGO Versicherungsgruppe: Merger of UNION Versicherungs-AG und BA-CA Versicherung AG
ERGO Versicherungsgruppe AG, Wiener Städtische Versicherung AG Vienna Insurance Group and Bank Austria Creditanstalt AG as shareholders of UNION Versicherungs- Aktiengesellschaft and Bank Austria Creditanstalt Versicherung Aktiengesellschaft have jointly agreed to merge both insurance companies. Wiener Städtische Versicherung AG Vienna Insurance Group will take over the lead in the to-be merged insurance companies BA-CA and UNION. The implementation of this agreement is subject to the approval of the relevant authorities. At the same time, the contracting parties have agreed to allow a shift in the majority stakes in favor of ERGO Versicherungsgruppe in the course of some years.
Günter Geyer, CEO of Wiener Städtische Versicherung AG Vienna Insurance Group: "With the agreement of ERGO Versicherungsgruppe and Bank Austria Creditanstalt we now carry out the logical step from the administrative union to the merger of both insurance companies which will enable us to strengthen our focus on the Austrian market."
Dr. Klaus Flemming, in charge of International Operations on the Board of Management of the ERGO Insurance Group: "Both companies have a successful business model which has already proven its quality in the past. As a unit, they will be in an excellent position to participate in the positive development of the Austrian financial services market in the future, too."
Wiener Städtische Versicherung AG Vienna Insurance Group A-1010 Wien, Schottenring 30 ISIN: AT0000908504
end of announcement euro adhoc 16.03.2007 08:43:22
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
VIENNA INSURANCE GROUP
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market