Only bid for DDOR came from Italian company "Fondiaria" - decision about sale in five days

INsurance company DDOR "Novi Sad" was not sold yesterday (November 19, 2007) on the tender with direct auction, because Tender commission decided, after several hours of consulting, not to accept the only bid that came from Italian company "Fondiaria".

Decision about sale of this company will be made within next five days.

Financial bid of the insurance company from Italy was not even announced in hotel "Hyatt" in Belgrade. According to the explanation of President of Tender Commission, Slobodan Ilić, the contract on sale of stocks allows that because there is an obligation that none of the parties should comment on the starting price.

Ilić said that such small interest in the assets of DDOR "Novi Sad" could be explained with the economic parameters of operations of DDOR following the procurement of tender documentation.

He said that "Fondiaria" was respectable insurance company, that it was the 16th in Europe in volume of work, that it was the leading company in car insurance and second in non-life insurance in Italy.