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