Adamescu starts war at Ardaf again by suing Generali PPF and CNVM

Businessman Dan Adamescu, minority shareholder of insurance company Ardaf, is fighting once again to get a higher price for his shares and intends to sue Generali PPF, majority shareholder of the insurer, and the National Securities Commission if the squeeze out of minority shareholders is not suspended. However, not a lot is at stake in the Ardaf conflict, with Adamescu holding less than 1%, which, considering the price offered by Generali PPF, is worth less than 1 million RON.

Adamescu holds shares in Ardaf through Nova Trade. He is also majority shareholder in Astra insurance company (70%), which, in turn, holds 16% in Generali Asigurari. Adamescu is the biggest and one of the few local investors in the insurance sector.

“Nova Trade will sue Generali PPF and CNVM together for the manner in which the squeeze-out (of minority shareholders) was carried out at Ardaf if CNVM does not rule in favour of suspending the procedure. As a minority shareholder, Nova Trade believes it has suffered damage due to non-compliance with procedures and to not being fully informed by majority shareholder Generali PPF, as well as due to the lack of response from the National Securities Commission,” Nova Trade officials said yesterday.