aviva insurance
Aviva Plc raised 1.02 billion euros ($1.5 billion) selling stock in its Dutch insurance unit Delta Lloyd NV, pricing the shares near the low end of its forecast range after insurance companies slumped.
Aviva, the U.K.’s second-biggest insurer by market value, sold 63.5 million Delta Lloyd shares at 16 euros each, the company said in a statement today. London-based Aviva had sought 15.50 euros to 19 euros a share. Amsterdam-based Delta Lloyd will begin trading today on NYSE Euronext’s Amsterdam Stock Exchange under the ticker DL.
Delta Lloyd is going public after a gauge of insurers in Europe’s Dow Jones Stoxx 600 Index last week suffered its steepest retreat since equities began an eight-month rebound in March. The measure slid 8.2 percent as ING Groep NV, the biggest Dutch financial-services company, agreed to demands from the European Union to sell its insurance units and announced plans to raise more than $11 billion in a rights offer to help repay government assistance.
New York-based Goldman Sachs Group Inc., Morgan Stanley, and JPMorgan Chase & Co., Charlotte, North Carolina-based Bank of America Corp.’s Merrill Lynch & Co. unit and Edinburgh-based Royal Bank of Scotland Group Plc are managing the offering.
Aviva Plc raised 1.02 billion euros ($1.5 billion) selling stock in its Dutch insurance unit Delta Lloyd NV, pricing the shares near the low end of its forecast range after insurance companies slumped.
Aviva, the U.K.’s second-biggest insurer by market value, sold 63.5 million Delta Lloyd shares at 16 euros each, the company said in a statement today. London-based Aviva had sought 15.50 euros to 19 euros a share. Amsterdam-based Delta Lloyd will begin trading today on NYSE Euronext’s Amsterdam Stock Exchange under the ticker DL.
Delta Lloyd is going public after a gauge of insurers in Europe’s Dow Jones Stoxx 600 Index last week suffered its steepest retreat since equities began an eight-month rebound in March. The measure slid 8.2 percent as ING Groep NV, the biggest Dutch financial-services company, agreed to demands from the European Union to sell its insurance units and announced plans to raise more than $11 billion in a rights offer to help repay government assistance.
New York-based Goldman Sachs Group Inc., Morgan Stanley, and JPMorgan Chase & Co., Charlotte, North Carolina-based Bank of America Corp.’s Merrill Lynch & Co. unit and Edinburgh-based Royal Bank of Scotland Group Plc are managing the offering.
