Mapfre takes controlling stake in Indonesian carrier

Spanish carrier Mapfre has purchased a 31 percent stake in
Indonesian insurer Asuransi Bina Dana Arta (ABDA) for EUR92mn
($102.8mn), upping its position to a 51 percent majority holding in
the company.
The carrier purchased its original 20 percent share in the
company in 2013.
The completion of the deal remains subject to administrative
approvals.
Under Indonesian legislation Mapfre must make a public takeover
bid for the remaining shares of the company once the acquisition
has been formalised.