Tender offer raises ownership to 92%

Allianz Group has increased its shareholding in credit insurer Euler Hermes to 92.43%.

It has bought a further 29.43% stake in the credit insurer, representing a total investment of about €1.5bn.

Allianz said the investment will strengthen its position in property and casualty.

Allianz had launched the tender offer for the remaining shares in Euler Hermes it did not own on January 15. At the close of the tender offer, the remaining float on the market was 2.6m shares representing 6.12% of Euler Hermes share capital.