Ukraine's Sixth Largest Insurer Bought By Austrian Company.

UNIQUA Group (Austria) has agreed to terms with the shareholders of Ukraine’s Credo-Classic on a step-by-step take over of the company. In the first stage UNIQUA will take control of 35% of Credo-Classic’s shares. According to the agreement UNIQUA will gradually take control over the company’s shares and control 76% by 2009. This deal will make Credo-Classic Ukraine’s largest insurance company with a Western European shareholder. The size of the deal was not disclosed.