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Allianz plans to buy rest of Euler Hermes for $2.2 billion

Allianz Insurance



Germany’s biggest insurer Allianz plans to buy the shares in French credit insurance firm Euler Hermes it does not yet own for around 1.85 billion euros ($2.2 bln).

Allianz said on Monday that it struck a deal to buy 11.3 percent of Euler Hermes’ stock for 122 euros per share in cash, taking its holding to 74.3 percent of shares. It plans to make a public takeover offer for the remaining stock, excluding treasury shares, at the same price, a 21 percent premium to Friday’s closing price.

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