ALIZF Allianz Ag Muenchen Namen (PK)

   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)

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