BNP Paribas to acquire Fosun's around 9% stake in Belgian insurer Ageas (updated)
14/04/2024 16:13
(Adds details from Fosun's filing)
PARIS/HONG KONG, April 14 (Reuters) - BNP Paribas
BNPP.PA has signed an agreement with China's Fosun Group to
acquire its around 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.
BNP's statement on the size of the stake and value of the
deal differed slightly from a separate statement by Fosun.
Fosun International 0656.HK said in a Sunday filing to the
Hong Kong Stock Exchange that it agreed on April 12 to sell up
to up to 15,401,253 shares of Ageas, which represents a 8.19%
stake in the Belgian insurer, to BNP Paribas Cardif, a
subsidiary of the French bank, for up to 670 million euros.
The sale will be done via three block trades with the
last two trades completed within 10 business days after
regulatory clearance is obtained or waived, according to the
filing.
The Chinese company said it intended to use proceeds of the
sale for general working capital.
"The disposal is part of the company’s effort of
streamlining its portfolio and implementing core
business-focused strategy. It also demonstrates the group’s
continuous determination on improving its financial performance
and creating maximum value for its shareholders," Fosun said.
Fosun said it would still hold 1,952,524 shares of Ageas
after the sale.
The three companies did not immediately respond to Reuters
requests for an explanation about the discrepancies in their
statements regarding the sale.
($1 = 0.9397 euros)
($1 = 0.8032 pounds)
(Reporting by Benoit Van Overstraeten in Paris and Kane Wu in
Hong Kong;
Editing by David Goodman and Susan Fenton)
((benoit.vanoverstraeten@thomsonreuters.com; +33149495339;))