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Report: Russian insurer Yugoria draws attention of 2 potential buyers

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Report: Russian insurer Yugoria draws attention of 2 potential buyers

Concern Rossium, through which Russian businessman Roman Avdeev owns his stake in PAO Credit Bank of Moscow, is interested in acquiring OJSC State Insurance Co. Yugoria, Vedomosti reported May 15.

Rossium applied to participate in an auction for the acquisition of Yugoria, but a final decision on the potential purchase will be taken at the end of May, Avdeev was cited as saying.

Russian insurer Alfastrakovanie PLC is also eyeing Yugoria, Vedomosti said, citing two market sources. The company told the newspaper that it is always ready to consider interesting business growth opportunities, but would not comment on them until such transactions become official.

The auction for a 100% stake in Yugoria, organized by its current owner, Russia's Khanty-Mansiysk Autonomous Area, will be held May 30, with the minimum asking price set at 2.89 billion Russian rubles, Vedomosti noted.

Russian company Otkryty Mir, which controls Opora Insurance JSC, was also interested in purchasing Yugoria but changed its plans in March, possibly after consultations with the Russian central bank, which reportedly did not view it as a suitable investor for Yugoria, Vedomosti said at the time.

As of May 15, US$1 was equivalent to 62.55 Russian rubles.