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Allianz plans to buy rest of French credit insurance firm for $2.2 bn

Allianz said the takeover offer would have no impact on its 2 billion euro share buyback programme


Germany's biggest insurer Allianz plans to buy the shares in French credit insurance firm Euler Hermes it does not yet own for around 1.85 billion euros ($2.2 bln). Allianz said on Monday that it struck a deal to buy 11.3 percent of Euler Hermes' stock for 122 euros per share in cash, taking its holding to 74.3 percent of shares. It plans to make a public takeover offer for the remaining stock, excluding treasury shares, at the same price, a 21 percent premium to Friday's closing price. "Increasing ownership in Euler Hermes is... a logical step for Allianz to ...

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First Published: Mon, November 27 2017. 18:20 IST