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 ...
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
Reuters Last Updated at November 27, 2017 18:21 IST