Allianz Intends to Buy Remaining Euler Hermes Shares
23 February 2018 - 6:27PM
Dow Jones News
By Nathan Allen
Allianz SE (ALV.XE) said Friday that it intends to file a tender
offer for the remaining shares in Euler Hermes Group SA (ELE.FR) to
squeeze out minority shareholders before delisting the French
insurance group.
Following a tender offer Allianz launched in January, Euler
Hermes's current market float represents less than 5% of the
company's total share capital and voting rights, Allianz said.
Allianz will offer 122 euros ($150.05) a share, the same level
as its previous tender offer, the company said.
The German insurer said that after the completion of the tender
it plans to squeeze out minority shareholders and delist Euler
Hermes from the Euronext Paris stock exchange.
"This offer advances Allianz Group's strategy to invest in
profitable businesses and strengthen its position in core home
markets and in property and casualty insurance in particular,"
Allianz said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
February 23, 2018 02:12 ET (07:12 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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