The majority owner of DZI Insurance, KBC Insurance, announced that it plans to launch a tender offer for 372 490 shares of the company, which it doesn’t own, at a price of BGN 71.00 per share or a total of BGN 26.4m. Currently KBC Insurance owns 90.35% of the capital of DZI Insurance. Artio International Equity Fund, owned by Julius Baer, owns 9.19% of DZI Insurance’s capital. According to the company, the tender offer is expected to start in Q4 2011 and to end at the beginning of 2012. Prior to that, it has to be approved by the Financial Supervisory Commission, but but it has already been approved by the EU regulatory commission. In 2007 KBC Insurance bought 70% of DZI Insurance for the total amount of €185m and with the obligation to pay 70% of the retained earnings or the total of €75m to the selling shareholder. Thus the Belgian company paid BGN 188.00 per share and soon after that it launched a tender offer for the rest of the shares, but couldn’t buy enough shares to delist the company.