Allianz has offered to buy a stake of at least 51 per cent in home-grown Income Insurance at $40.58 a share in a $2.2 billion cash deal that will catapult the German insurer from the ninth to the fourth-largest composite insurer in Asia.
“This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region,” said Ms Renate Wagner, an Allianz board member who is responsible for the Asia-Pacific region.
At $40.58 a share, the offer price represents a 37.3 per cent premium over Income’s net asset value per share of $29.55 as at Dec 31, 2023.
The offer is conditional on Allianz getting a 51 per cent stake, representing some 54.6 million Income shares.
NTUC Enterprise Co-operative, which holds close to 78 million Income shares, representing a 72.8 per cent stake, has given an irrevocable undertaking to accept the offer.
This means at the close of the offer, NTUC Enterprise will retain a substantial stake of between 21.8 per cent and 49 per cent in Income, depending on how minority shareholders tender their shares.
The offer also means that the nearly 16,000 minority shareholders holding a 27.2 per cent stake in Income will get a chance to cash out from the illiquid and unlisted public insurer’s shares.
هذه القصة مأخوذة من طبعة July 18, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة July 18, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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