Regulated information - Ageas confirms full call of Tier 1 and partial settlement of RPN(I) following successful BNP Paribas tender offer on CASHES
(Thomson Reuters ONE) -
Ageas is pleased to announce that the tender offer launched by BNP Paribas on
26 January 2012 was successfully closed on Monday 30 January 2012.
The acceptance rate reached more than 50% at an offer price of 47.5%.
Positive impact for Ageas
As announced earlier this operation contains several positive elements for
Ageas:
* Reduced credit exposure
The credit exposure of Ageas to Fortis Bank decreases.
* Decreased volatility in the results
As mentioned in the press release of 26 January 2012, the successful outcome of
the transaction will result in a significant reduction in the volatility of the
results of Ageas.
* Improved liquidity
The liquidity profile of Ageas will improve as a result of the full redemption
of the Tier 1 instrument Ageas holds, even after settlement of the indemnity due
by Ageas to BNP Paribas.
Ageas will announce more detailed information, including the impact on Profit
and Loss, in a press release following BNP Paribas' announcement on how many
tendered CASHES it will convert into Ageas shares.
Ageas welcomes the outcome of this transaction as an important step forward in
reducing the complexity and volatility of the legacy issues.
Ageas is an international insurance company with a heritage spanning more than
180 years. Ranked among the top 20 insurance companies in Europe, Ageas has
chosen to concentrate its business activities in Europe and Asia, which together
make up the largest share of the global insurance market. These are grouped
around four segments: Belgium, United Kingdom, Continental Europe and Asia and
served through a combination of wholly owned subsidiaries and partnerships with
strong financial institutions and key distributors around the world. Ageas
operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal,
Turkey, China, Malaysia, India and Thailand and has subsidiaries in France,
Germany, Hong Kong and UK. It is the market leader in Belgium for individual
life and employee benefits, as well as a leading non-life player, through AG
Insurance, and in the UK, it has a strong presence as the third largest player
in private car insurance and the over 50's market. It employs more than 13,000
people and has annual inflows of almost EUR 18 billion.
MEDIA CONTACT
+32 (0)2 557 57 37
INVESTOR RELATIONS
Brussels
+32 (0)2 557 57 33
Utrecht
+31 (0)30 252 53 05
Ageas
Rue du Marquis 1 - 1000 Brussels - Belgium
Archimedeslaan 6 - 3584 BA Utrecht - The Netherlands
www.ageas.com
Pdf version press release:
http://hugin.info/134212/R/1581241/493859.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ageas via Thomson Reuters ONE
[HUG#1581241]
Unternehmensinformation / Kurzprofil:
Datum: 31.01.2012 - 07:34 Uhr
Sprache: Deutsch
News-ID 109137
Anzahl Zeichen: 3588
contact information:
Town:
Brussel
Kategorie:
Business News
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"Regulated information - Ageas confirms full call of Tier 1 and partial settlement of RPN(I) following successful BNP Paribas tender offer on CASHES"
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