Consultant selected for privatization and recapitalization of CO

12 December 2012

Within the open procedure for the public procurement of consultancy services in the process of privatization and recapitalization of Croatia osiguranja d.d. (CO), the bid offered by the following group of bidders was selected: KPMG Croatia d.o.o. from Zagreb, KPMG Advisory Ltd. from Budapest, KPMG Advisory S.p.A. from Milan and WOLF THEISS Recstsanwalte GmbH – Zagreb Office.

 The review and assessment of the received bids showed that this Bid was economically most favourable and it was estimated as acceptable in both technical and financial aspects. The price of the bid submitted by the selected Group of bidders amounts to HRK 29,437,500.00 including VAT. 

The Ministry of Finance issued an invitation to tender for the selection of the consultant for privatization and recapitalization of CO on September 20, 2012, and 4 bids were received by the deadline for the submission of bids. Besides the selected one, three other bids were offered by the following groups of bidders:

a) Lazard Freres SAS, France and Erst&Young Advisory, France;
b) BNP PARIBAS S.A., France and Interkapital vrijednosni papiri d.o.o., Croatia;
c) Deloittee savjetodavne usluge d.o.o., Croatia, Deloittee Advisory s.r.o., Czech Republic, DLA Piper Weiss - Tessbachrechtsanwalte GmbH, Austria, Horvath es Tarsai Ugyvedi Iroda, Hungary, law firm Mamić, Perić, Reberski, Rimac Odvjetničko društvo d.o.o., Croatia, law firm Gugić&Kovačić Odvjetničko društvo, Croatia, Deloittee, Hungary, Deloittee, Poland, Deloittee savetovanje d.o.o., Slovenia.

The selection criterion applied within this procedure was “the economically most favourable bid”. In addition, along with the price of the bid, the following elements were also evaluated: specific experience of the bidder, adequacy of the work plan and work methodology, and qualifications and competences of the staff envisaged to work on this project.