Unipol to buy up to 19 pct of ING Insurance from P&V Assurance for 150 mln eur |
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Wed, 18 Jul 2007 07:57
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MILAN (Thomson Financial) - Unipol SpA said it has agreed to buy a stake of up to 19 pct in Belgium's seventh-largest insurer, ING Insurance, from P&V Assurance for up to 150 mln eur.The deal should be finalised in September, when P&V Assurance is expected to complete the acquisition of 100 pct of ING Insurance.Unipol said it will have the power to name its own representatives on ING Insurance's board, and the right to sell its stake back to P&V Assurance after five years for at least the same amount it paid to buy it.In 2006, ING Insurance's premiums were 699 mln eur, and its net profit was 62 mln, with an estimated ROE of around 13 pct.danilo.masoni@thomson.comdm/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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