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Home / Insurance / Aviva sets February 6.6 billion divestment deadlines in France, Poland: Sources

Aviva sets February 6.6 billion divestment deadlines in France, Poland: Sources



(Reuters) – UK insurance company Aviva PLC has set deadlines at the end of February to receive final offers for its operations in France and Poland – a deal that would help the UK insurance company streamline its operations and raise a total of 5.5 billion ($ 6.67 billion dollars), sources told Reuters.

Aviva has already secured indicative bids from a series of industrial heavyweights and wants to complete the sale of both units by the end of the first quarter, said three sources and spoke on condition of anonymity. Because the case is confidential.

The London-based insurance company, led by CEO Amanda Blanc, is expected to sell its French operations for about 3.5 billion euros, while the Polish operations are valued at about 2 billion euros, sources say. [1

9659002] The sale is a central part of Ms Blanc's turnaround plan aimed at shifting the insurer's focus to its core business in the UK, Canada and Ireland after a long period of stock price weakening that has irritated investors.

Aviva declined to comment on the sale but confirmed that it was exploring strategic options throughout its portfolio, including in France and Poland. and faces a deadline of February 26 to submit final offers, sources said.

French mutual insurer Groupe Macif dominates the French auction with an indicative bid of € 3.5 billion and is working on a final proposal for February. 22 deadline, say two of the sources.

The bidding field for Aviva France also includes the investment firm Eurazeo SE and the life insurance specialist Athora IP Co. Ltd., which is backed by venture capital firm Apollo and no longer cooperates with Allianz, the sources said.

Eurazeo, NN Group, Allianz and Generali declined to comment while Macif and Athora were not immediately available.

French obstacles

Aviva encountered a position in France last year when trying to reach an agreement with a consortium of Allianz and Athora. (Afer) tried to stop the sale.

Since then, Allianz, which was mainly interested in Aviva's general insurance assets in France, has left the auction while other international bidders such as the Italian Generali have been waiting on the side, sources said.

Generali is still interested in parts of Aviva France's operations, say two of the sources, and may later try to seek an alliance with Eurazeo if the French investment firm led by CEO Virginie Morgon were to emerge as a winner, the sources said.

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