TAKEOVER The deal will add about 1% to group EPS immediately after closing, according to Allianz. The insurer also said the deal will have no effect on its €2bn share buyback programme. Picture: BLOOMBERG/KRISZTIAN BOCSI
TAKEOVER The deal will add about 1% to group EPS immediately after closing, according to Allianz. The insurer also said the deal will have no effect on its €2bn share buyback programme. Picture: BLOOMBERG/KRISZTIAN BOCSI

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

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