OREANDA-NEWS. On May 17, 2007 the Federal Antimonopoly Service (FAS Russia) granted permission to Allianz New Europe Holding GmbH to purchase 100% voting shares of the "Progress-Garant" Insurance Company" OJSC. At the same time, FAS Russia issued determinations to Allianz New Europe Holding GmbH on exercising certain actions towards competition protection, reported the press-centre of  FAS Russia.
On 30th March 2007, Allianz New Europe Holding GmbH petitioned to purchase 100% voting shares of the "Progress-Garant" Insurance Company" OJSC.
FAS Russia established that as a result of the transaction, the "Progress-Garant" Insurance Company" will become part of the "ROSNO" OJSC and "Medexpress"CJSC group of persons, that are in the same group of persons with Allianz New Europe Holding GmbH.
In consideration of the above petition, FAS Russia analyzed competitive environment on the insurance markets in the subjects of the Russian Federation and established that the transaction in question would lead to restricted competition due to developing or increasing the dominant position of economic entities, members of the group of persons, on some regional insurance markets.
Therefore, FAS Russia issued determination to Allianz New Europe Holding GmbH requesting it to carru out certain actions towards protection of competition. If the transaction is accomplished, Allianz New Europe Holding GmbH must transfer obligations of the "Progress-Garant" Insurance Company" on appropriate insurance agreements (insurance portfolio) in the Murmansk Region (life insurance agreement) and the Tambov region (liability insurance agreements) to the third parties - not members of the group of persons, within three months upon completing the transaction.