Nearly 16,000 minority shareholders holding 27.2 per cent stake in Income will get chance to cash out.
SINGAPORE – Allianz has offered to buy a stake of at least 51 per cent in home-grown Income Insurance at $40.58 a share in a $2.2 billion cash deal that will catapult the German insurer from the ninth to the fourth-largest composite insurer in Asia.
NTUC Enterprise Co-operative, which holds close to 78 million Income shares, representing a 72.8 per cent stake, has given an irrevocable undertaking to accept the offer. The transaction is expected to generate a double-digit return on investment for Allianz in the mid-term. Closing is expected in the fourth quarter of 2024 or in the first quarter of 2025.
Allianz said it has more than 32,000 staff in the region, serving the needs of more than 18 million customers across multiple distribution channels and digital platforms.The German insurer intends for Income to continue its participation in national insurance programmes.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Income Insurance in talks with Allianz over sharespstrongspan style="font-size:11pt; font-variant:normal; white-space:pre-wrap"span style="font-family:Arial,sans-serif"span style="color:000000"span style="font-weight:700"span style="font-style:normal"span style="text-decoration:none"The transaction is not, in any way, final.
Read more »
Allianz plans to buy majority stake in Singapore's Income InsuranceFRANKFURT: Germany's Allianz said on Wednesday (Jul 17) that it was planning to buy a majority stake in Singapore's Income Insurance for around US$1.6 billion. Allianz said it would offer S$40.58 per share for a transaction value of S$2.2 billion (US$1.
Read more »
Allianz plans to acquire majority stake in Income Insurance for $1.64BpstrongspanspanspanspanspanspanThis is also equivalent to a 51% majority stake in the SG-based insurer./span/span/span/span/span/span/strong/p pa href="https://insuranceasia.
Read more »
Income Insurance continues talks with Allianzpstrongspan style="font-size:11pt; font-variant:normal; white-space:pre-wrap"span style="font-family:Arial,sans-serif"span style="color:000000"span style="font-weight:700"span style="font-style:normal"span style="text-decoration:none"It announced its interest in a transaction last 14 June.
Read more »
Insurer Income to underwrite FWD’s motor insurance plansUnder their deal, FWD will be a distributor or seller of the motor plans.
Read more »
Singapore Athletics, Income Insurance ink $500,000 dealAfter several breakthroughs on the international stage in recent years, Singapore Athletics (SA) hopes to field a large contingent at the 2029 SEA Games when the event returns to the Republic. The association’s ambitions were given a boost as it announced on July 11 a...
Read more »