Gjensidige Forsikring ASA, Norway’s
biggest insurer, bought its last 20.1 percentage stake in existence insurance
and pension provider Storebrand ASA for three.three billion kroner ($546
million) because it specializes in standard coverage.
Gjensidige, primarily based in Lysaker close to Oslo, bought
approximately ninety.five million shares in Storebrand at 36 kroner [$5.956]
apiece in an providing to institutional investors, it said in a declaration
today. That represents a three.1 percent cut price to the day before today’s
last price of 37.14 kroner [$6.144], it stated.
“Following the finishing touch of the sale, Gjensidige will
no longer hold any shares in Storebrand,” the agency stated. The insurer will e
book an accounting benefit of about one hundred fifteen million kroner [$19
million] from the transaction, it stated. The names of the institutional buyers
weren’t disclosed.
Gjensidige is in search of to reduce prices and raise
profits as it tries to growth marketplace percentage inside the Nordic place.
The insurer doesn’t have a “strategic or economic urge for food” for described-
gain pensions and assure business, chief executive Officer Helge Leiro Baastad
stated on Oct. 22.
Gjensidige sold 19 million stocks in Storebrand at 34.75
[$5.75] kroner apiece on Oct. 18, pronouncing it no longer regarded the holding
as a strategic investment. The insurer additionally in advance this month
canceled plans to promote its 10.4 percent stake in Sparebank 1 SR- financial
institution ASA, a Norwegian lender.
stocks in Gjensidige fell 0.2 percent to a hundred twenty
five.three kroner [$20.73] as of 10:29 a.m. in Oslo, having in advance received
as plenty 2 percent to 128 kroner [$21.175], the very best intraday stage since
first promoting shares in 2010. Storebrand received as a great deal as three.2
percent and traded 1.4 percent better at 37.64 kroner.
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