Dutch insurer and asset manager NN Group NV has made an offer to buy local rival Delta Lloyd NV for €2.4 billion ($2.7 billion), a move that could spur long-awaited consolidation in the Netherlands’ insurance market.
NN said Wednesday it is offering €5.30 a share for Delta Lloyd, a 29% premium to Delta Lloyd’s closing price on Tuesday. A combination would create a well-diversified financial services company, increase scale and reduce costs, it said.
“We believe there is a clear and compelling logic to bring consolidation to the Dutch insurance market through a combination,” said NN Chief Executive Lard Friese.
Read more: NN Group Offers $2.7 Billion for Delta Lloyd - WSJ
NN said Wednesday it is offering €5.30 a share for Delta Lloyd, a 29% premium to Delta Lloyd’s closing price on Tuesday. A combination would create a well-diversified financial services company, increase scale and reduce costs, it said.
“We believe there is a clear and compelling logic to bring consolidation to the Dutch insurance market through a combination,” said NN Chief Executive Lard Friese.
Read more: NN Group Offers $2.7 Billion for Delta Lloyd - WSJ
