The board at Sampo Plc, following a strategic review, is proposing a partial demerger to separate subsidiary Mandatum from the Sampo Group.
In its announcement, Sampo said: “The board of directors proposes that the annual general meeting on May 17, 2023 resolves to approve the partial demerger of Sampo Plc as set forth in the demerger plan approved by the board on March 29, 2023.
“In the demerger, all of the shares in Mandatum Holding Ltd (a wholly-owned direct subsidiary of Sampo Plc) and related assets and liabilities will transfer without a liquidation procedure to Mandatum Plc, a company to be incorporated in the demerger on the effective date, which is expected to be October 1, 2023, as set forth in the demerger plan.”
Without Mandatum, which specialises in life insurance and asset management, Sampo would be left with If P&C Insurance in the Nordic region, Danish non-life insurer Topdanmark, and digital general insurance provider Hastings in the UK.
Meanwhile, it was noted that, as demerger consideration, Sampo shareholders would receive one new share in Mandatum Plc for each existing series A or series B share in Sampo Plc. Mandatum shares would be admitted for trading on Nasdaq Helsinki.
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