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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.