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Allianz files tender offer for Euler Hermes shares

2nd January 2018 - Author: Staff Writer

Allianz has filed a tender offer for outstanding shares in trade credit insurer Euler Hermes in a EUR122-per-share bid with French markets regulator AMF.

allianz-flagsOn approval, Allianz’s simplified cash tender offer is to open in early 2018, offering shareholders a 20.7% premium to the pre-announcement closing price on November 24, 2017 and a 30.8% premium to the twelve month volume weighted average Euler Hermes share price on the same date.

The offer is for the remaining of 10,320,680 shares, or 24.2% stake in Euler Hermes and would make Allianz the sole shareholder of the carrier with theoretical voting rights of the company.

Allianz said it intends to follow-up with squeeze-out procedure if minority shareholders represent less than 5% of share capital and voting rights following the tender offer.

The offer is expected to close in the first quarter of 2018.

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As a leading global trade credit insurer, Euler Hermes is  core component of Allianz global lines business.

Allianz said the offer marks a step forward in Allianz’s strategy to invest in profitable businesses and strengthen its position in core home markets and in property and casualty.

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