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Caser will be awarded next week to Ageas or Helvetia for 1,200 million



The sale of Caser face your final phase with two contestants: Ageas and Helvetia. Both insurance companies have submitted firm offers and the only ones that, except for last-minute changes, will be disputed the purchase of the Spanish company, owned by eight banks and the French insurer Covéa. In their respective offers, both have valued Caser above the reference given by the sector in doing so for between 1,200 and 1,300 million of euros, as they assure Bolsamanía Knowledgeable sources of the negotiations.

Caser's board of directors, led by Beloved Franco, president of the Ibercaja Banking Foundation, last Wednesday he gathered his twenty members to analyze the offers that are on the table to take over the insurer. At the moment there are two, those of Ageas Y Helvetia.

At the beginning of the process of selling Caser, after last summer, the valuation of the insurer that occurred in the sector was about 1 billion euros, although the offers presented in this last phase they raise that amount up to between 1,200 and 1,300 million of euros, according to the same sources.

Throughout the sales process, several firms have fallen from the operation, such as Nationale Nederlanden or Mapfre, until there are only two left, the Belgian insurance group and the Swiss insurance company. The outcome of the operation will be known soon, according to the same sources, will be resolved next week.


The most reluctant shareholders for sale have always been Liberbank, Unicaja and Ibercaja. The three old savings banks account for more than a third of the capital and it is Ibercaja that has a higher share in its capital, with 14%, while Liberbank holds 12.2% and Unicaja 9.9%.

Together they form the group of industrial partners of the insurer and are for the insurance distribution agreements that they keep with Caser. In addition to the insurance company, Bankia (fifteen%), CaixaBank (11.5%) and Fan (9.9%), who intended to jointly sell their 36% throughout the process. To do this, they hired Barclays Y Clifford Chance As advisors

In the rest of the capital is the French insurer Covéa, which is the majority shareholder with a 20% portion. It has been speculated during the sale process that he could exercise his right of first refusal and decide to launch an offer for the part of the capital he does not control, but this option has been fading in recent weeks.

Finally, Caser's least relevant partners are Sabadell (1.8%) and BBVA (0.2%), which could be added to the selling group if they consider the price adequate. In any case, there are few days left before the operation is closed.

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