GLOBAL MARKETS: Allianz plans to buy rest of Euler Hermes for $2.2bn
Allianz plans to buy rest of Euler Hermes for $2.2bn
German insurer Allianz plans to buy the shares in credit insurer Euler Hermes it does not yet own for about €1.85bn (US$2.2bn).
The company said it has struck a deal to buy 11.3% of Euler Hermes’ stock for €122/share in cash, taking its holding to 74.3% of shares. It plans to make a public takeover offer for the remaining stock, excluding treasury shares, at the same price, a 21% premium to Friday’s closing price. Euler Hermes said its supervisory board will meet to deliver a formal opinion regarding Allianz’s offer during the last days of December — Reuters
AstraZeneca steps up its China push
AstraZeneca plans to turbo-charge its already substantial Chinese business through a new drug development joint venture with a state-backed private equity fund. The standalone business, Dizal Pharmaceutical, will be owned equally with the Chinese Future Industry Investment Fund, which is part-owned by the China State Development & Investment Corp — Reuters