Madrid-based MAPFRE SA has agreed to boost its stake in Jakarta-basedPT. Asuransi Bina Dana ArtaTbk to 51% from 20%.
The company said Oct. 4 that it will acquire an additional31% in the Indonesian insurer for €92 million.
Upon completion of the deal, MAPFRE must make a publictakeover bid for the remaining shares in the company as per Indonesianregulations.
Completion of the deal is subject to regulatory approval.