If you’ve been living under a rock, then you must not have heard about Allianz’s dash for the remaining shares of Euler Hermes – and now there’s new information on the investment.
First of all, only about 1.46% – the share capital comprising treasury shares – isn’t up for grabs. Now that that’s out of the way, here are the numbers showing the swoop by the German giant:
With the latest acquisition, what now remains represents less than 5% of Euler Hermes shares – prompting Allianz to announce its intention to move for a squeeze-out. It currently holds 40,024,315 shares in the credit insurer, or 93.86% of share capital and voting rights.
“In continuation with its initial tender offer, Allianz intends to launch a further simplified cash tender offer for all remaining Euler Hermes shares held by minority shareholders, which will be immediately followed by a squeeze-out procedure and delisting of Euler Hermes shares from the Euronext Paris stock exchange,” it said. “The consideration for one Euler Hermes share will remain unchanged from the prior tender offer and will be 122 euros in cash.”
Allianz, which expects to formally file the tender offer for minority shareholders in the coming weeks, added that this will not only advance its strategy to invest in profitable businesses but also strengthen its position in core home markets, particularly in property and casualty insurance.
