Wells Fargo to buy Prudential Financial stake in brokerage venture
US banking group Wells Fargo is to buy Prudential Financial’s stake in a joint brokerage venture — Wells Fargo Advisors — for 4.5 billion dollars in cash by year’s end. Wells Fargo made the announcement Tuesday, a day after it agreed that it would repay the US Treasury Department 25 billion dollars in public money it received at the peak of the financial crisis here. “Wells Fargo will acquire Prudential’s interest on or before December 31, 2009,” the two groups said in a joint statement. Prudential Financial... Lire la suite
AXA and AMP announce they have submitted their best and final joint proposal to AXA Asia Pacific Holdings’ committee of independent directors
AXA announces that a revised joint offer (the “Proposal”) was communicated by AMP and AXA to the AXA Asia Pacific Holdings (“AXA APH”) committee of independent directors on December 11, 2009. Further to this Proposal, the increased price offered by AXA and AMP to AXA APH’s minority shareholders is A$6.221 per share, providing a 53 per cent premium over AXA APH’s closing share price of A$4.08 on 5 November 2009. This represents a 16 per cent improvement on the original proposal of November 6, 2009. AXA APH’s minority shareholders are... Lire la suite
IAG completes investment in India joint venture
Insurance Australia Group (IAG) today announced completion of its INR 5421 million (approximately A$126 million) investment in its general insurance joint venture with State Bank of India, SBI General. The investment will be funded from internal resources. The capital has been invested directly into the joint venture vehicle and no further capital is expected to be required until at least the fourth year of operation. The joint venture is expected to commence trading in the first half of calendar year 2010, subject to final approvals from Insurance... Lire la suite
ING announced today that it has reached an agreement to sell its life insurance and wealth management venture in Australia and New Zealand to ANZ, its joint venture partner. Under the terms of the agreement, ING will sell its 51% equity stakes in ING Australia and ING New Zealand to ANZ, who now will become the sole owner of these businesses. ING will receive EUR 1.1 billion in cash from ANZ. Hightlights : Proceeds on transaction of EUR 1.1 billion; estimated net profit of EUR 300 million Divestment is further step in Back to Basics programme... Lire la suite
Further to the announcement on 25 June 2009, Barclays Bank PLC (‘Barclays’) and CNP Assurances SA (‘CNP’) have established a long-term life insurance joint venture in Spain, Portugal and Italy. This follows the completion of the sale of a 50 per cent stake in Barclays Vida y Pensiones Compañía de Seguros (‘BVP’) to CNP. Frits Seegers, Chief Executive of Barclays Global Retail and Commercial Banking, said: “We are excited about the opportunities presented by our joint venture with CNP. Combining the strength of Barclays... Lire la suite
