ALLIANZ to acquire remaining shares in EULER HERMES

German insurer ALLIANZ has announced plans to buy the shares in Paris-based credit insurer EULER HERMES it does not yet own by offering investors EUR 122 euros per share in cash.

At the same time, ALLIANZ has already entered into a share purchase agreement with shareholders representing 11.3% of EULER HERMES stock, which will take its holding to 74.34% of shares, as the German insurer said in a statement.

"ALLIANZ has been and remains supportive of the strategy of EULER HERMES Board of Management. ALLIANZ does not intend to change, as a result of the transaction, EULER HERMES Supervisory Board composition and EULER HERMES operating model beyond ordinary course of business".

ALLIANZ intends to launch a simplified cash tender offer to acquire all outstanding EULER HERMES shares not already owned by ALLIANZ and held by minority shareholders. The consideration for one EULER HERMES share will be 122 euros in cash. This constitutes a premium of 20.7% on EULER HERMES share closing price on 24 November 2017 and of 22.9%, 22.2% and 30.8% compared to three, six and twelve month volume weighted average EULER HERMES share price.

"ALLIANZ intends to implement a squeeze-out procedure following the contemplated tender offer, in the event ALLIANZ's holding in EULER HERMES reaches 95%".

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ZURICH H1 BOP up by 12% y-o-y

ZURICH Insurance Group reported H1 business operating profit (BOP) up 12% y-o-y to USD 2.42 billion and first half net income after tax attributable to shareholders up y-o-y 19% to USD 1.79 billion.


HANNOVER Re, 1H: Double-digit growth in premium and operating profit

Reinsurer HANNOVER Re announced its 1H2018 business results confirm the FY2018 profit guidance with expected net income of more than EUR 1 billion, if large loss expenditure will not significantly exceed EUR 825 million and no unforeseen distortions on capital markets will be recorded.


ALLIANZ SE, 1H2018: strong results for 2Q 2018; full-year outlook confirmed

ALLIANZ Group's operating profit decreased y-o-y by 1.8% in 1H2018. Yet, overall, the operating profit for 1H is slightly above the mid-point of the group's target range. Lower income taxes compensated for the lower operating profit and non-operating result: net income attributable to shareholders was therefore stable at EUR 3.8 billion.



Stefan STAVROSITU appointed Sales Director of GROUPAMA's Romanian unit

Groupama Asiguraari, the Romanian arm of the French group and of the leading players on he ocal market, has announced the appointment of Stefan STAVROSITU as National Sales Director, replacing Julien RAMILLION who, after holding this position for four years, will receive other responsibilities.



LIVE: IIS Global Insurance Forum 2018 / Day2

The works of the Global Insurance Forum continued today in Berlin, Germany. Providing security for ageing populations in health care and pensions terms, as well as innovation and InsurTech or innovative strategies for the future development of the industry are on the today's agenda.


See all