After reaching its announced goal of acquiring in excess of 95 percent of the outstanding shares of French insurer AGF (See IJ web site May 10), Germany’s Allianz SE announced that it is moving ahead with its plan to “squeeze-out” the remaining minority interests under French legal procedures.
In the document outlining the squeeze out procedure (available at: www.allianz.com), Allianz said the “AGF shares which have not been tendered in the Offer will be transferred (whatever the country of residence of the shareholder), on the date to be determined by the AMF, to the Co-Initiators with compensation for the holders of the shares.”
Allianz is offering €125 ($166) in cash for each AGF share net of all expenses.
Upon completion of the deal, which is expected to be approved by French authorities later this month, the transaction should be closed by the end of July.
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