Aviva to Sell Up to 34.3M Delta Lloyd Shares
Aviva plc (NYSE: AV) announces that it intends to sell the remainder of its shareholding in Delta Lloyd NV ("Delta Lloyd"). The sale of these shares will be through a private placement to qualified institutional investors (the "Offering").
The Offering is expected to comprise up to 34,288,795 Delta Lloyd ordinary shares (subject to investor demand), being Aviva's entire remaining stake in Delta Lloyd. This number of Delta Lloyd ordinary shares is equivalent to 19.4% of Delta Lloyd's issued ordinary share capital (including treasury shares) and 18.2% of Delta Lloyd's voting rights. The offer price will be determined by means of an accelerated book-build offering process which is to start immediately. Cash proceeds will increase central group liquidity and will be used for general corporate purposes.
A further announcement will be made following completion of the book-build and pricing of the Offering.
If all the Delta Lloyd ordinary shares available in the Offering are sold, Aviva will no longer hold any stake in Delta Lloyd.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.