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Sale of Aegon's eastern European business blocked

Written by Adam Cadle
21/09/2021

Aegon and Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) have been informed that the Budapest Metropolitan Court has rejected their joint appeal challenging the Hungarian Ministry of the Interior's decision to block VIG's acquisition of Aegon's Hungarian business.

VIG and Aegon said they regret this decision and will appeal against it before the Hungarian Supreme Court within the next 30 days.

VIG confirmed that irrespective of the decision by the Budapest Metropolitan Court, it is "continuing the constructive dialogue with the Ministry of Finance to clarify possibilities for a positive conclusion of the acquisition".

On 29 November 2020, Aegon agreed to sell its insurance, pension, and asset management businesses in Hungary, Poland, Romania, and Turkey to VIG for €830m.

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