Nova Trade, the majority shareholder of Astra says it will resort to legal actions, as Uniqa has allegedly breached obligations stipulated in the contract with the company, through the takeover of Unita, according to a press release issues by the company owned by Dan Adamescu.
According to business-to-business contract conditions, the two companies, Nova Trade and Uniqa Group are obliged to act together as partners with legal rights in the event of any acquisition in Romania of a company actively involved in the same field as Astra. Uniqa still holds 27% stake in Astra, the second biggest company after Nova Trade, after the company has recently relinquished the takeover plans for the insurer.
Takeover of Unita is a breach of obligation pledged by Uniqa towards Nova Trade that bans any activity that would compete with Astra’s activity, reads the press release.
Furthermore, Nova Trade says the partnership sealed with Unita three years ago is still valid, reason for which it will resort to legal actions to defend rights, saying that the recent statements of Unita representative are not founded.
Uniqa relinquished its takeover plans for Astra, after talks for the buyout of rest of the shares had failed, the price being considered too high.
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