Allianz Intends to Acquire Rest of Euler Hermes
November 27 2017 - 1:48AM
Dow Jones News
By Marc Bisbal Arias
Allianz SE (ALV.XE) said Monday that it intends to acquire all
outstanding Euler Hermes Group SA (ELE.FR) shares not already owned
by Allianz and held by minority shareholders through a simplified
cash tender offer.
The offer would be for 24.20% of Euler Hermes' share capital at
the price of 122 euros ($145.5), the German company said, bringing
its stake to 98.54%.
The offer wouldn't take into account the treasury shares
representing 1.46% of Euler Hermes share capital, it said.
Allianz had secured 11.34% of Euler Hermes share capital on Nov.
24 at a price of EUR122, it said, which brought Allianz's stake in
Euler Hermes to 74.34%.
The German financial-services company expects to formally file
the tender offer in the coming weeks, which will remain subject to
approval from regulatory authorities.
"Increasing ownership in Euler Hermes is therefore a logical
step for Allianz to deploy capital in strategic businesses
delivering solid operating performance, and to strengthen positions
in core home markets and in property and casualty in particular,"
Allianz said.
Should its stake in Euler Hermes reach 95%, Allianz said that it
intends to implement a squeeze-out procedure following the
contemplated tender offer.
The offer will have no impact on the share buyback program of
Allianz for 2018 of up to EUR2 billion, it said.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
November 27, 2017 02:33 ET (07:33 GMT)
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