It has been agreed that 19.6 percent of the registered share capital of Beiersdorf AG will be acquired by Tchibo Holding AG, 10.0 percent by HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsverwaltung, Hamburg, 3.0 percent by Troma Alters- und Hinterbliebenen-stiftung, Hamburg. It is intended to offer a further 7.4 percent stake to Beiersdorf AG, as part of a share buy-back program.
The price for the stake sold by Allianz AG totals approximately EUR 4.4 billion. This corresponds to an average price per share of EUR 130. The average Beiersdorf share price during the last twelve months was EUR 107.75.
The transaction will be implemented in several stages and is subject to the consent of the antitrust authorities.
Allianz AG has been a shareholder of Beiersdorf for over 60 years. As a financial investor, it has continuously supported the growth of the company.
“With Tchibo as a majority shareholder on its side, Beiersdorf will now benefit from the stable shareholding structure and can continue to build on their attractive potential for growth, as it is in the best interest of all shareholders in the long run. The transaction at hand is a good outcome for the shareholders and clients of Allianz”, said Dr. Paul Achleitner, Chief Financial Officer of Allianz AG.
The sale of the Beiersdorf stake is part of the active portfolio management that Allianz has committed itself to in the interest of its shareholders and clients. In the last years, Allianz AG has reduced financial shareholdings by EUR 20 billion and consequently decreased its equity exposure to 16.5 percent.
“As an accumulator of capital, the purchase and sale of industrial holdings will continue to belong to Allianz AG’s core business activities. The flexibility arising from the introduction of the euro will continue to benefit our clients and shareholders across all asset classes,” Achleitner commented.
Allianz has been advised by Dresdner Kleinwort Wasserstein and Goldman Sachs. Shearman & Sterling acted as legal advisors.
Allianz sells 40 percent in Beiersdorf
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