Alm. Brand: Codan deal makes investors nervous

ALM. Brand A/S

11/06/2021 14:49

** Shares in Denmark's Alm. Brand  ALMB.CO  slump 10% after
the insurer entered into an agreement to buy Danish business of
Codan Forsikring A/S  urn:newsml:reuters.com:*:nL2N2NT0SJ
    ** Under terms of the deal Denmark's Tryg  TRYG.CO  and
Canada's Intact Financial  IFC.TO  will sell their stakes in
Codan for a total of DKK 12.6 bln 
    ** Alm. Brand said that following the acquisition it would
become the second-largest non-life insurer in Denmark after Tryg
with a market share of around 18% 
    ** Nordnet analyst Per Hansen says the deal made investors
nervous that Alm. Brand overspends, that the financing will be
costly and that the company would not distribute dividend in the
coming year 
    ** Alm. Brand stock is on track for its worst day in more
than a year



 ((Aleksandra.jasiurska@tr.com))