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Daily Insurance Industry News
Wednesday 23rd of May 2018
April 12, 2011

Aviva to reduce stake in Delta Lloyd

by Gill Montia

Story link: Aviva to reduce stake in Delta Lloyd

Aviva to reduce stake in Delta Lloyd

Aviva is proposing to sell part of its shareholding in Delta Lloyd NV, reducing its stake in the Netherlands-based insurer from 58% to 43%.

According to group chief executive, Andrew Moss, the move will strengthen Aviva’s balance sheet, whilst also being in line with its strategy of focusing on growth in 12 key markets, where the insurer already has “strength and scale”.

Delta Lloyd’s share price has increased by 19% since the company was floated at an offer price of €16.00 per ordinary share in November 2009, and Aviva believes the proposed disposal also provides an opportunity to realise value for its shareholders, while retaining a minority stake in the business.

Morgan Stanley and Goldman Sachs will be acting as joint global co-ordinators, bookrunners and placing agents, with Morgan Stanley as sole sponsor for the offering.

 

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