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%".

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