Business daily Finance writes that nearly EUR 10m in trade with Sava Re shares on Friday involved block deals with which Adris grupa bought 4.4% of Sava Re.

Finance says that Adris grupa, which owns insurer Croatia Osiguranje and holds interests in Croatian tourism and food sectors, held a little under 15% of the Slovenian group prior to today's transactions.

The acquisition would put it near the 20% limit for which it obtained approval from Slovenian insurance regulators in 2014. Together with friendly companies it is reported by Finance to control nearly a quarter of the Slovenian insurance group.

Sava Re has been a target of Adris since 2014, after it unsuccessfully sought to enter ownership of Slovenia's biggest insurer Zavarovalnica Triglav.

The single biggest owner of Sava Re is the state through the Slovenian Sovereign Holding (SSH), which holds a 25% stake.

The state asset management strategy labels Sava Re an important investment, meaning that the state intends to retain a controlling stake.

In 2015 Sava Re embarked on a strategy for buying own stock in what is believed to be a defence against a hostile takeover.