Austrian insurance group Uniqa sold its remaining 27 percent stake in Romanian insurer Astra to Nova Group, the majority shareholder in Astra, for some EUR 25 million, the Nova Group has announced. This follows an announcement made last year, when Uniqa said it would withdraw from the Astra business in Romania.

Nova Group is owned by Romanian businessman Dan Adamescu (in picture). Uniqa had paid EUR 10 million for its 27 percent share package in 2005. Uniqa initially intended to take over Astra completely, but the negotiations failed. Consequently, Uniqa withdraw its name from the Astra – Uniqa logo. At the end of 2008, Uniqa took over Unita, which is currently named Uniqa Asigurari, from Vienna Insurance Group.

Dan Adamescu also owns the Unirea Shopping Center in Bucharest, as well as a similar shopping center in Brasov.

editor@romania-insider.com