It’s all systems go for
Allianz’s plans to
swoop on the outstanding shares of credit insurance company Euler Hermes.
The insurance giant has this morning revealed that it has received approval from French markets regulator Autorite des marches financiers (AMF) to make a tender offer for Euler Hermes – and it plans to open that offer at 122 euros per share on Monday (January 15). The tender offer will close on February 13.
According to Allianz, its focus on the global trade credit insurer is driven by its desire to “invest in profitable businesses and strengthen its position in core home markets.”
“Allianz is offering shareholders, inter alia, a 20.7% premium to the pre-announcement closing price on November 24, 2017 and a 30.8% premium to the 12-month volume weighted average Euler Hermes share price on the same date,” it outlined in a release. “The offer covers 8,769,824 shares or 20.57% of the share capital and theoretical voting rights of the company that Allianz does not currently own in Euler Hermes.”
According to the German giant, the offer will have no impact on its share buy-back program for 2018 of up to two billion euros.
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