NKBM has so far not managed to agree on the price with the insurer's second largest owner, reinsurer Sava Re, which holds 47%, in a bid to become a 100% owner.

The bid relates to 6,139,567 shares of Slovenia's second biggest insurer. At the offered price per share, the insurer is valued at EUR 71.2m, with the stake owned by Sava Re valued at EUR 32.6m.

When the bank announced the bid on 22 June, Sava Re responded by saying that it would not accept it because the price was too low. The company reiterated today that it will not accept the takeover bid.

Sava Re added that it was not considering its own bid to consolidate its ownership in Zavarovalnica Maribor for the time being either.

The business daily Finance recently quoted unofficial sources that Pozavarovalnica Sava would like to get between EUR 70m and EUR 80m for its stake.

The reinsurer, as well as NKBM, took part in the recent EUR 12.8m capital raising at Zavarovalnica Maribor. Sava Re invested EUR 5.86m to preserve its stake in the insurer.