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Allianz advances plans to acquire rest of Euler Hermes

Allianz Group said it submitted to French markets regulator Autorité des marchés financiers its tender offer request to acquire all the outstanding shares of trade-credit insurer Euler Hermes Group SA that it does not already own.

The German insurer is offering to purchase a maximum of 10,320,680 shares, or 24.20% of Euler Hermes' share capital, for €122 apiece, for a total of about €1.26 billion.

The tender offer is expected to begin in early 2018 and close in the first quarter of the year. The offer would be followed by a squeeze-out if the remaining minority shareholders represent less than 5% of Euler Hermes' share capital.

Separately, Euler Hermes said its supervisory board has deemed Allianz' simplified cash tender offer as favorable and decided to make a recommendation to shareholders to tender their shares into the offer.