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2/23/2018, 8:42 AM (Source: TeleTrader)
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Allianz to buy remaining shares in Euler Hermes, delist firm

Allianz SE said on Friday it plans to acquire remaining shares owned by minority holders in the French credit insurance company Euler Hermes, in which it has a majority stake of 93.86%, as well as voting rights.

Following the tender in which the German insurance giant will offer €122 per share, Allianz intends to squeeze out minority shareholders and delist Euler Hermes from the Euronext stock exchange in Paris. At the moment, the free float of Euler Hermes represents under 5% of the company's share capital. "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 stated.

In November, Allianz purchased an 11.34% stake in Euler Hermes and announced plans to buy the rest of the French insurer and implement a squeeze-out procedure in case its holding in the firm reaches 95%.

Breaking the News / NP