Shares of the world’s leading trade credit insurer will be delisted from the Euronext Paris stock exchange two days from now.
The news was revealed by Allianz Group, whose swoop for the remaining shares of Euler Hermes will be completed on April 27 as the squeeze-out procedure is implemented. The buy-out, at €122 per share, does not include the 619,189 treasury shares held by Euler Hermes.
“This operation is an important step in Allianz Group’s strategy to deploy capital in strategic businesses that deliver solid operating performance, and to strengthen positions in core home markets and in property and casualty in particular,” said the German insurance giant in its announcement today.
According to Allianz, it will have successfully deployed a total of €1.85 billion in the transaction. It added that the buy-out is earnings per share accretive immediately.
Paris-headquartered Euler Hermes is present in 52 countries and employs more than 6,000 people.
