Aviva is selling 15% of its stake in Delta Lloyd and will no longer be the majority shareholder in the Dutch insurer.
The placing of approximately 25 million Delta Lloyd shares are priced at €17.25 per share, Aviva says. Aviva shares fell 1.66% to 445.2p at 10.30am, after this morning's offering. Aviva expects gross cash proceeds of £381m from the sale. The insurer's disposal of 15% of Delta Lloyd's issued ordinary share capital will cut its holding from a controlling stake of 58% to one of 43%. Aviva says the move is consistent with its strategy of focusing on twelve markets where it has strength and scale, which will no longer include the Benelux region. Cash proceeds from the sale will bo...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes