Gazprom Germania acquiring 50.1% in insurance company SOVAG
MOSCOW. Nov 5 (Interfax) - Gazprom Germania Gmb is in a deal to acquire 50.1% of the insurance company SOVAG, OJSC Sogaz , also an insurance company, told Interfax.
After the deal, new SOVAG shareholders will include OJSC Sogaz with 25.1% and Volga Investments with 24.8%. Sogaz previously owned 50.9% in the company and Volga Investments - 49.1%.
Sogaz said the deal was subject to approval by regulatory bodies.
"Gazprom's accumulation of SOVAG's main shares package demonstrates an approach that is aimed at providing insurance protection for all projects of the Gazprom group being carried out in Europe and [aimed at] SOVAG's further development on the European market for corporate insurance," Sogaz said.
Gazprom Germania, a subsidiary of Gazprom, includes around 40 companies that carry out their activities in over 20 countries in Europe, Asia and North America. The group develops and coordinates projects in the field of natural gas storage and trades natural gas in Europe. Gazprom Germania also invests in the expansion of gas stations in Germany.
SOVAG, founded in Germany in 1927, has been part of the Sogaz group since 2010. SOVAG's main area of activity includes insuring risks for industrial and commercial companies.
Sogaz shareholders include Abros (with 32.3% of shares), Kordex (12.5%), Gazprom Gazoraspredeleniye (16.22%), Accent (12.47%), Gazprom (3.77%), Sogaz-Realty (2.5%) Gazprombank (1.2% held in trust) and CJSC Gazprombank Asset Management (19.04% held in trust).