Allianz bids for complete takeover of Berner Insurance
The German insurance company, Allianz, says it intends to take full control of the Berner Insurance company.
It is offering SFr750 ($432) per share for the 40 per cent stake it doesn’t already own. This represents a 17.4 per cent premium on Tuesday’s closing price of SFr639 and values the transaction at around SFr269 million.
A statement from Allianz said Berner’s supervisory board had recommended acceptance of the offer.
The bid comes as Allianz tries to unify its brand in Switzerland under a single name by bringing together its three main units, Allianz, Berner and Elvia under a single roof.
Berner boosted net profit by 14.4 per cent last year to SFr28.6 million and has gross premiums of SFr1.2 billion.
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