Aegon, Vienna Insurance Group deal in Hungary runs into trouble

Aegon said that the Budapest Metropolitan Court has rejected the company and Vienna Insurance Group AG Wiener Versicherung Gruppe’s (VIG) joint appeal challenging the Hungarian Interior Ministry’s decision to block their previously announced transaction.

The deal in question involves the proposed sale of Dutch insurance group Aegon‘s insurance, pension, and asset management business in Hungary, Romania, Poland, and Turkey for €830 million to Vienna Insurance Group. It was announced in November 2020.

Aegon and Vienna Insurance Group said that they regret the decision of the court and plan to appeal against it within the next 30 days before the Hungarian Supreme Court.

Aegon, Vienna Insurance Group deal in Hungary runs into trouble. Photo courtesy of Vienna Insurance Group / Robert Newald.

Elisabeth Stadler — Vienna Insurance Group CEO said: “We regret this interim procedural step and will appeal against the decision of the Budapest Metropolitan Court to the Hungarian Supreme Court within the next 30 days.

“Irrespective of this, we are continuing the constructive dialogue with the Ministry of Finance to clarify possibilities for a positive conclusion of the acquisition.”

Last month, the European Commission had approved the deal between the Dutch insurance group and Vienna Insurance Group.