Grawe and Sara Merkur to merge by October

The Grawe-Sara Merkur merger could take place some time between mid September and early October. “The merger will happen in early October at the latest, that”s for sure,” says Adina Mandoiu, the PR coordinator for Grawe Romania Asigurare. The first step in the process has already been taken as the Insurance Supervision Commission has endorsed the takeover by Grawe of the Sara Merkur product portfolio and insurance contracts. The transfer becomes effective 30 days after the Commission gives its approval. “It was the portfolio transfer that took longest to complete. Technically, we are ready for the merger. The practical side of the merger by absorption will come next: the takeover of the building that hosts the headquarters and so forth,” Mandoiu said. The transfer of the policy portfolio also entails the takeover by Grawe Romania of all the contracts entered into by Sara Merkur, with no change of contractual terms. Grawe bought Sara Merkur earlier this year. The value of the deal is yet to be revealed. ZF