The deal covers 15 companies in Poland, Romania, Turkey, and Hungary. Credit: Photo by Tingey Injury Law Firm on Unsplash.

Vienna Insurance Group’s (VIG) proposed acquisition of AEGON’s businesses in Central and Eastern Europe has hit a roadblock after Budapest Metropolitan Court rejected their joint appeal challenging the Hungarian Ministry of the Interior’s decision to block the deal.

VIG and Aegon plan to appeal against the ruling before the country’s Supreme Court court within the next 30 days.

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VIG CEO Elisabeth Stadler said: “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.”

In April this year, the Hungarian Ministry of the Interior had stated that it would not clear the proposed acquisition of Aegon by a foreign company.

The deal, valued at €830m, was announced in November last year.

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It covers nearly 15 companies in Poland, Romania, Turkey, and Hungary that operate across insurance, pension, and asset management segments.

Aegon aims to simplify its footprint and strengthen its balance sheet through the transaction.

In August this year, the European Commission cleared the proposed acquisition.

The deal, if materialises, is expected to strengthen VIG’s position in the central and Eastern European insurance market.

In September 2019, VIG forayed in Sweden, Norway, Denmark, and Finland as part of its strategy to further expand its footprint in Europe.