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Report: Potential buyer withdraws from bidding for state insurer Yugoria

Russian company Otkryty Mir, which controls Opora Insurance JSC, decided not to participate in an auction for the purchase of OJSC State Insurance Co. Yugoria due to changes in Opora's development strategy, Vedomosti reported March 22.

Under its updated strategy, Opora will not actively pursue M&A deals and portfolio purchases, and it also plans to renounce its motor insurance license and sell portfolios including liability insurance products for carriers and hazardous facility owners. Vedomosti said, however, that the company's plans could have changed after consultations with the Russian central bank, which reportedly was of an opinion that Opora is not a suitable investor for Yugoria.

Otkryty Mir was the only company that openly announced its intention to bid for Yugoria, and secured the Federal Antimonopoly Service's permission for the acquisition in January, Vedomosti noted. The auction for the sale of Yugoria has been scheduled by the company's current owner, Russia's Khanty-Mansiysk Autonomous Area, for May 30, with the minimum asking price set at 2.89 billion Russian rubles.

As of March 22, US$1 was equivalent to 57.12 Russian rubles.