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Allianz seeks 51% Income Insurance stake in 1.5 billion-euro deal

German company is offering S$40.58 a share for about 54.7m Income shares

Tan Nai Lun
Megan Cheah
Published Wed, Jul 17, 2024 · 01:17 PM
    • From left: NTUC Enterprise CEO Adeline Sum; Allianz board member Renate Wagner; Income's board chair Ronald Ong; Allianz CEO Oliver Baete; NTUC Enterprise Co-operative and Temasek chair Lim Boon Heng; NTUC Enterprise's deputy chair Kee Teck Koon; Allianz Asia Pacific's regional CEO Anusha Thavarajah; and Income CEO Andrew Yeo.
    • From left: NTUC Enterprise CEO Adeline Sum; Allianz board member Renate Wagner; Income's board chair Ronald Ong; Allianz CEO Oliver Baete; NTUC Enterprise Co-operative and Temasek chair Lim Boon Heng; NTUC Enterprise's deputy chair Kee Teck Koon; Allianz Asia Pacific's regional CEO Anusha Thavarajah; and Income CEO Andrew Yeo. PHOTO: ALLIANZ

    GERMAN financial services giant Allianz plans to acquire 51 per cent of Singapore-based insurer Income Insurance at S$40.58 per share. The deal amounts to some 1.5 billion euros (S$2.2 billion), Allianz announced on Wednesday (Jul 17).

    NTUC Enterprise Co-operative Limited currently owns around 72.8 per cent of the insurer, represented by about 78 million shares out of the total 107.2 million shares as at Dec 31, 2023, based on Income’s annual report. The balance is held mainly by retail investors.

    Allianz requires about 54.7 million shares of Income to reach the 51 per cent stake. The offer price represents a 37.3 per cent premium over the net asset value of the shares as at Dec 31, 2023.

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