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Austrian insurer GRAWE to bid for remaining shares of Bosnian subsidiary

Austrian insurer GRAWE Group announced a buyout offer for the remaining 12.4% of Bosnian unit VGT Osiguranje that it does not yet own.

The Austrian insurer is offering 659.66 Bosnian convertible marka per share, equivalent to 286.8% of their nominal value, according to a filing posted via the Sarajevo Stock Exchange on June 1. The 12.4% stake comprises 3,823 ordinary shares.

The offer is valid for 28 days from the announcement date.

As of June 1, US$1 was equivalent to 1.74 Bosnian convertible marka.