"MAPFRE expands in Turkey
by Richard Miller
Posted on March 12, 2007 7:20 AM CST
MADRID, Spain—MAPFRE S.A. is acquiring a majority stake in Genel Sigorta, Turkey's 10th largest non-life insurer, the Madrid-based insurer said.
After negotiations with Turkey's Cukurova Group, MAPFRE signed a memorandum of understanding under which it will acquire 80% of Genel Sigorta for approximately €285 million ($375.6 million) , the company said in a statement."
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