PPF puts Ardaf up for sale

Ardaf, an insurance company that has encountered serious financial problems over the last few years, has been put up for sale by the Czech investment fund PPF Investments, which took over the company just one year ago from businessman Ovidiu Tender, according to sources close to the insurer. The Czech company is now negotiating with 2-3 potential buyers, with the transaction to be closed in the first half of this year, according to the same sources. However, Ardaf officials have not confirmed this information. “The sale could happen now, or it could happen in a year. It is normal for PPF to sell, because it is an investment fund that for every euro invested, wants two in return. If the fund sells, it will probably occur after the sale of Asiban, and among the first negotiation partners for PPF will be the Generali group, because PPF and Generali have a regional joint venture,” Daniel Tudor, chairman and CEO of Ardaf, told ZF. PPF Investments, the majority shareholder of Ardaf, is a separate entity from PPF Group, whose majority stake has been recently taken over by Generali.