View the article online at http://citywire.co.uk/wealth-manager/article/a649536
Aviva to sell entire stake in Delta Lloyd
by Emma Dunkley on Jan 09, 2013 at 08:31
The sale of up to 34.3 million Delta Lloyd ordinary shares, which accounts for 19.4% of the firm’s issued share capital and 18.2% of its voting rights, will occur through a private placement to qualified institutional investors.
Aviva said the transaction will increase its capital surplus ratio, strengthen its balance sheet and boost liquidity.
Mark Wilson, (pictured) chief executive officer of Aviva, said: ‘This sale will be a good start to 2013 and supports our strategy to narrow focus and make Aviva a more nimble and athletic organisation.
‘It will further increase Aviva’s cash and capital position and is consistent with our focus on businesses where we can earn higher returns.’
In July last year, Aviva carried out a partial sale of its shareholding in the firm, disposing of around 21% of the issued share capital in Delta Lloyd.
In the previous year, Aviva had sold around 15% of its stake in the firm.
Before November 2009, when Aviva completed an initial public offering and partial sale of its shareholding in Delta Lloyd, the company’s entire ordinary share capital was owned by CGU International Holdings, a wholly-owned subsidiary of Aviva.
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