Dutch state sells shares in Fortis Corporate Insurance
British insurer Amlin is buying the Dutch state’s share of Fortis Corporate Insurance for EUR 350 million.The Hague – The Dutch state said Wednesday it would sell its 100 percent share of Fortis Corporate Insurance to British insurer Amlin Plc for EUR 350 million.
An agreement of sale was struck with Amlin on Tuesday, but had yet to be given final approval by the Dutch central bank and Amlin shareholders, said a finance ministry statement.
"Once the Dutch Bank and the shareholders of Amlin Plc agree, 100 percent of shares will be transferred from the state to Amlin Plc," it said.
"The proceeds from this transaction will be about EUR 350 million for the state, and will be used for the repayment of state debt."
The Dutch government acquired Fortis Corporate Insurance in October 2008 when it bought for EUR 16.8 billion the Dutch operations of its parent company, banking and insurance group Fortis, which had been hit hard by the global financial crisis.
AFP / Expatica