Aviva’s Delta Lloyd IPO to net €1.2bn
Aviva has announced that the flotation of its Dutch business, Delta Lloyd, on Euronext Amsterdam should raise between €2.6 billion and €3.1 billion, with shares priced between €15.50 and €19.
Assuming a mid-range outcome, the initial public offering (IPO) of the 42% stake could provide the group with a cash injection of €1.2 billion, some of which will be used to expand its presence in the Netherlands and Belgium.
The IPO is the largest so far this year in Western Europe.
The UK’s largest insurer has also announced that it has cut market value reductions (the penalties paid by investors who want to withdraw cash early) on its with-profits policies.
The changes apply to all Aviva unitised with-profit funds (formerly known as CGNU, CULAC, and NULAP funds) and came into effect on 19th October.
The move follows improvements in stock market performance over the past six months.
However, the group points out markets are still well below their October 2007 peak.
Category: Aviva News, Financials
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