AEGON has completed the sale of its banking subsidiary Labouchere to Dexia. Dexia paid AEGON approximately $800 million for Labouchere. AEGON will use the proceeds from the sale to redeem outstanding debt, while the book profit of approximately $550 million will directly be credited to shareholders’ equity.
Only the first quarter net earnings from Labouchere, totaling EUR 31 million, are included in AEGON’s results for this year. The transaction has no impact on AEGON’s forecast regarding 2000 earnings, since the effect of the sale had already been included in our earlier stated outlook for this year.
AEGON’s six months results will be published on Thursday, August 10, 2000. AEGON N.V., with $230 billion in assets, is one of the world’s largest listed insurance organizations. Its largest business units operate in the United States of America, the Netherlands, the UK, Hungary, Spain, Mexico and Canada.
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