VIG’s appeal against Hungarian veto on Aegon acquisition dismissed by Budapest Metropolitan Court

M&A Activities

VIG continues constructive dialogue with the Hungarian Ministry of Finance

Vienna Insurance Group (VIG) has been informed on 20 September 2021 that its complaint against the prohibitive FDI decision of the Hungarian Ministry of Interior, brought jointly with Aegon, in the context of the planned acquisition of Aegon's business in Hungary has been dismissed by the Budapest Metropolitan Court.

On 6 April 2021, VIG received a decree from the Hungarian Ministry of the Interior blocking the planned acquisition of the Aegon companies in Hungary by a foreign company. VIG, jointly with Aegon, took legal action against this decision and filed a complaint with the Budapest Metropolitan Court on 5 May 2021.

„We regret this interim procedural step and will appeal against the decision of the Budapest Metropolitan Court to the Hungarian Supreme Court within the next 30 days. Irrespective of this, we are continuing the constructive dialogue with the Ministry of Finance to clarify possibilities for a positive conclusion of the acquisition“, comments CEO Elisabeth Stadler.

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