Vienna Insurance Group’s (VIG) acquisition of Aegon’s Hungarian business has found a stumbling block in the Budapest metropolitan court.
The bid was first blocked by Hungary’s ministry of interior in April 2021, a decision that was challenged in the country’s court by both Aegon and VIG the following month.
On 20 September, the tribunal sided against them. The two insurers now plan to appeal before the Hungarian supreme court.
VIG chief executive Elisabeth Stadler 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.”
The M&A deal was agreed in November 2020, and it included Aegon’s insurance, pension and asset management businesses in Hungary, Poland, Romania, and Turkey for €830m (£712m, $984m).
