BNP Paribas to acquire Fosun's 9% stake in Belgiuan insurer Ageas
14/04/2024 13:01
PARIS, April 14 (Reuters) - BNP Paribas BNPP.PA has
signed an agreement with China's Fosun Group to acquire its 9%
stake in Belgian insurer Ageas AGES.BR for a sum the French
bank estimates at 730 million euros ($776.87 million).
Ageas and BNP Paribas are long time partners via a joint
shareholding in AG Insurance, Belgium's leading insurer. Ageas
owns 75% and BNP the remaining 25%.
"Ageas is pleased to see that BNP Paribas recognises,
through this investment, the value of its partnership for the
long term and the potential of the company going forward," the
Belgian insurer said in a separate statement.
Last month Ageas dropped plans to buy Direct Line DLGD.L
after the British home and motor insurer turned down a revised
3.17 billion pound ($3.95 billion) takeover bid from the Belgian
insurer.
($1 = 0.9397 euros)
($1 = 0.8032 pounds)
(Reporting by Benoit Van Overstraeten
Editing by David Goodman)
((benoit.vanoverstraeten@thomsonreuters.com; +33149495339;))