MUNICH (dpa-AFX) - Allianz said that the remaining float on the market represents less than 5 percent and that it therefore intends to launch a further tender offer for the remaining shares in Euler Hermes it does not own, which would be immediately followed by a squeeze-out and a delisting of Euler Hermes shares.
As announced on February 14, 2018, Allianz's initial tender offer for Euler Hermes saw its holding rise to 39.41 million shares, representing 92.43 percent of the share capital and voting rights of Euler Hermes. This simplified tender offer was initiated by Allianz at a price of 122 euros per Euler Hermes share and was open from January 15 to February 13, 2018.
At the closing of that tender offer, the remaining float on the market was 2.61 million shares, representing 6.12 percent of Euler Hermes share capital and voting rights.
The offer will have no impact on the announced share buy-back program of Allianz SE for 2018 in the amount of up to 2 billion euros.
Euler Hermes Supervisory Board is expected to appoint an independent expert, which will prepare a further report on the fairness of the proposed financial terms.
Allianz expects to formally file the tender offer in the coming weeks. The tender offer and the draft offer document will remain subject to the clearance of the French Autorité des marchés financiers (AMF). Subject to the AMF clearance, the tender offer, squeeze out and delisting are expected to be effected in the second quarter of 2018.
Copyright RTT News/dpa-AFX