May 13, 2009 / 3:42 PM / 11 years ago

Portugal govt seeks to buy Cosec insurer

LISBON, May 13 (Reuters) - The Portuguese government has made an offer to buy local credit insurer Cosec, equally owned by Banco BPI BBPI.LS and France’s Euler Hermes ELER.PA, to support exports, Prime Minister Jose Socrates said on Wednesday.

“We decided to make an offer to the private companies for the acquisition of Cosec. We want to have a direct intervention instrument,” Socrates told parliament during a debate, explaining that exporters needed additional support during the global economic crisis.

Socrates gave no financial details of the offer for Cosec.

Euler Hermes is the world’s biggest credit insurer and part of Germany’s Allianz (ALVG.DE).

Cosec is the leading credit insurer in the Iberian country and acts on behalf of the government in covering and managing credit risks, as well as investment in countries presenting political risks. (Reporting by Sergio Goncalves; Writing by Andrei Khalip; Editing by Jon Loades-Carter)

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