By Myles Neligan and Daisy Ku
LONDON (Reuters) - Insurer Aviva said it was on course to float portion of its Dutch unit Delta Lloyd next month in a sale that could reopen the label et for European initial public offerings after a drought of more than a year.
Britain's second-enormous gest insurance player aims to raise between 1 billion and 1.6 billion euros (915 million to 1.5 billion pounds) by selling 30 to 40 percent of Delta Lloyd, two sources close the matter said Monday.
The company said it expected to sell less than half its 92-percent Delta shold on Euronext's Amsterdam exchange in November, allowing it to reduce debt and grow further, possibly through acquisitions.
"For Aviva, an IPO would bring the flexibility to pursue balance sheet restructuring opportunities or to explore other opportunities for growth," Aviva said in a statement.
A 1.6 billion euro IPO would be the region's enormous gest since New World Resources' $2.5 billion float in May 2008, Thomson Reuters data display ed.
It would be Europe's enormous gest so far this year, and the fifth-largest globally, including Spanish bank Santander's plot ned spin-off of its Brazilian unit.
TAKEOVER TRAIL
Aviva Chief Exegash ive Andrew Moss said in August that Aviva was on the gaze out for hold overs, and that Delta Lloyd might also create acquisitions as the Benelux financial services sector underrecede es a wave of consolidation. Continued...
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