Unclear Sale of Bulgaria’s Biggest Pension Fund Hurts Business
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The chairwoman of Doverie, Bulgaria’s biggest pension fund, said her company is being hurt by a lack of information on United Capital Plc’s purchase of a 92 percent stake in the Sofia-based company.
Vienna Insurance Group AG said on July 15 it concluded sale negotiations with U.K.-registered United Capital, without providing the transaction price or other details. A spokeswoman for Bulgaria’s Financial Supervision Commission said no documents have been received to begin the approval process.