DENMARK’S CODAN BUYS CONTROL OF LATVIAN INSURER BALTA

Latvian insurance group Balta, which includes the insurers Balta and Riga and holds 19.5% of Latvia’s non-life market, has agreed to sell a controlling 73% stake to Danish insurer Codan in a deal worth about 15.4m lats. The takeover will take effect on June 1, after which Codan will offer remaining shareholders 4.50 lats per share, the price it paid Balta in the current deal. However, Codan has already stated that it expects to reduce its ownership in the company to 51% within a year.