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| FHB Bank says to buy Allianz Hungary by Sept 30 |
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BUDAPEST, July 5 (Reuters) - Hungarian mortgage lender FHB Bank will complete the takeover of the Hungarian operations of German insurer Allianz by Sept. 30, the bank said in a statement on Monday.
FHB bought Allianz for 1.83 million ordinary shares and 1.1 billion forints ($4.72 million) in cash, valuing the deal at 3.8 billion forints. The final amount will depend on the value of Allianz equity at the time the transaction is completed, FHB said. Allianz Hungary's total assets stood at 102 billion forints at the end of March, of which 42 billion was the loan portfolio. Its equity exceeded 6 billion forints, according to the statement. The deal is not connected with Allianz's other markets, the insurer said when the two companies announced they were in acquisition talks in June.
FHB shares were flat at 1035 forints on Monday, against a 0.2 drop in the wider market.
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Source: Reuters; 20100706 |
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