Aviva to sell majority stake in Delta Lloyd

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...