COMPETITION COUNCIL CLEARS ACQUISITION OF BTA BALTIC INSURANCE COMPANY AAS BY VIENNA INSURANCE GROUP AG SUBJECT TO CONDITIONS
On 18 August the Competition Council (hereinafter – Council) cleared the acquisition of 100 per cent of BTA Baltic Insurance Company AAS (hereinafter – BTA) shares by VIENNA INSURANCE GROUP AG (hereinafter – VIG) on condition that VIG will sell the part of business of Compensa Vienna Insurance Group, UADB and (or) BTA branch in Lithuania related to the motor third party liability insurance of international carriers.
Having examined the proposed merger, the Council submitted its preliminary assessment to VIG stating that the intended merger might create or strengthen a dominant position or significantly restrict competition in the relevant market. As a result, on 29 June VIG submitted written obligations.
The Council determined that the obligations proposed by VIG are sufficient enough to remove competition concerns and, therefore, cleared the merger.