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The 7.80 euros per share bid represents a 15.7% premium to Friday’s closing price, Allianz said, adding it was entering share purchase agreements covering 72% of European Reliance’s shares and launch a takeover bid for the remaining stake.
“This is an exciting opportunity for Allianz to elevate its position in the attractive Greek insurance market with an ideal entity such as European Reliance,” Allianz management board member Sergio Balbinot said.
As part of the transaction, European Reliance will be combined with Allianz Hellas, the insurer’s Greek unit. The merged entity will then be led by European Reliance CEO Christos Georgakopoulos, Allianz said.
($1 = 0.8814 euros)
