British insurer Aviva said on Friday it had sold another 21 percent of shares in Dutch unit Delta Lloyd for £318 million ($493 million, 398 million euros), one day after unveiling a large restructuring. Aviva said it has placed 37 million Delta Lloyd shares at 10.75 euros per share, in a deal which slashes its holding from 41 percent to about 20 percent. "The offering was completed very successfully with strong investor demand allowing the transaction to be increased from an initial sale of 25 million shares to a final sale of 37 million shares. The transaction was several times oversubscribed at the increased size," it said in a statement. The group added that, after completion of the deal, Aviva's remaining stake will comprise approximately 34 million Delta Lloyd ordinary shares, equivalent to just below 20 percent of ordinary share capital. In late 2009, Aviva had sold a large 42-percent stake in Delta Lloyd in an initial public offering on NYSE Euronext Amsterdam. The group subsequently offloaded another 15 percent of shares in May 2011. Delta Lloyd Group is a financial services provider which offers life insurance, general insurance, asset management and banking products and services. Friday's announcement came one day after Aviva revealed plans to exit 16 non-core business areas and announced senior management changes following a major strategic review of the embattled group. Aviva is seeking to strengthen its capital base and share price after the shock resignation of its chief executive earlier this year. CEO Andrew Moss sensationally quit in May as head of Aviva -- Britain's second biggest insurer after Prudential -- amid spreading shareholder revolts over pay for top managers viewed as underperforming.
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:22 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 14:17 2018 Thursday ,25 October
BP eyes entering several new Rosneft projectsGMT 12:08 2018 Saturday ,20 October
OPEC participants performed Vienna Agreement by 111%GMT 16:14 2018 Saturday ,06 October
Saudi Aramco IPO to go ahead by early 2021GMT 19:01 2018 Thursday ,04 October
LEAD S. Korean firms offer aid for quake-hit IndonesiaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor