Reinsurance News

Allianz to squeeze-out and delist remaining Euler Hermes shares

25th April 2018 - Author: Matt Sheehan

Allianz has announced that it will complete its acquisition of Euler Hermes minorities by implementing a squeeze-out of remaining shares, after which it will delist the company from the Euronext Paris stock exchange.

Allianz Global Corporate & SpecialtyThe squeeze-out, which was first announced in February, is scheduled for April 27th, 2018, and will see Allianz offer €122 per share in cash for the remaining 5% of ownership in global trade credit re/insurer Euler Hermes.

Following the completion of a simplified tender offer for the shares, which ran from April 9-20, Allianz currently holds 40,472,250 Euler Hermes shares, representing 94.91% of the share capital and theoretical voting rights of company, excluding the 619,189 treasury shares held by Euler Hermes.

Allianz revealed its plans to gain 100% ownership of Euler Hermes last year, and originally filed a tender offer for outstanding shares in January 2018, which increased its share capital and voting rights to 92.43%.

The delisting of Euler Hermes’ shares from Euronext Paris will also be implemented on April 27, 2018, as indicated by the French markets regulator, Autorité des Marchés Financiers.

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Allianz will have successfully deployed a total of 1.85 billion euros in the buy-out transaction, which is EPS accretive immediately.

Allianz Group asserts that the acquisition of Euler Hermes is an important step in its strategy to deploy capital in strategic businesses that deliver solid operating performance, and to strengthen positions in core home markets, particularly in property and casualty (P&C).

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