ASR will finance its takeover of competitor Vivat with an emission of shares
ASR (ASRNL:EN) will finance its takeover of competitor Vivat with an emission of shares, Dutch daily Het Financieele Dagblad reported based on its own reporting of the first 'capital marktets day' ARS organised since listing.
Chinese owned Anbang announced this week that it is studying the sale of the Dutch insurer Vivat; however, ASR prefers to finance small and midsized takeovers with cash; that is not an option for the takeover of Vivat, the report said. The company wants to hold on to its financial dicipline and will not allow the debt rato to raise above 35%.
Earlier Dutch media reports said that the selling price of Vivat, an insurance company, is estimated to be between EUR 1.3bn and EUR 2.1bn.
JP Morgan has been appointed by Anbang to assist in the process, the statement said.