Astra Asigurări insurance company, held by the Adamescu family, has bought a 16.2% stake on the Stock Exchange in Intercontinental (RCHI) company, which holds the Intercontinental Hotel in central Bucharest, for 4.1 million euros, according to a report sent to the Stock Exchange. The transaction values the hotel at 25 million euros.

The Nova Group, the holding through which spouses Dan and Carmen Adamescu control their businesses, had previously bought a 15.7% stake in Intercontinental in November 2008, through transactions worth around 3 million euros. Adamescu is among the few local businessmen who had enough cash to make acquisitions in full crisis.

Prior to these transactions, Intercontinental shares doubled on the Stock Exchange, with Astra Asigurări buying another small stake in early April. The Nova Group has designated four candidates for the five spots in the company's Board of Directors. Astra Asigurări representatives said they had bought the shares from the market and that the investment was not a strategic one.

"It is a portfolio investment. I don't know what company the shares were bought from, it is an investment in capital market shares, just like our investments in SIFs (Financial Investment Companies), Fondul Proprietatea (Property Fund), Banca Transilvania, BRD and Petrom. The investment is compliant with the legislation of the insurance market. This is not a strategic investment, it is similar to an investment in Fondul Proprietatea. Can an investment in Fondul Proprietatea be considered strategic?," said Radu Mustăţea, chairman of Astra Asigurări.

Astra Asigurări insurance company, held by the Adamescu family, has bought a 16.2% stake on the Stock Exchange in Intercontinental (RCHI) company, which holds the Intercontinental Hotel in central Bucharest, for 4.1 million euros, according to a report sent to the Stock Ex