Hannover Re in talks for minority stake in Heidelberger Leben
FRANKFURT Aug 20 (Reuters) - German reinsurer Hannover Re said it was involved in the sale process of life insurer Heidelberger Leben but that it planned to take only a minority stake in the company that would not exceed a double-digit million euro value.
"In view of the fact that negotiations are still ongoing, the company is currently unable to provide any further details in this regard," Hannover Re said on Tuesday.
Its statement comes in response to a Reuters report published on Monday, citing a source as saying that Lloyds Banking Group was readying a sale of Heidelberger Leben, with Hannover Re was tipped as the most likely buyer.
The source had said Lloyds could fetch a price of around 400 million euros ($534 million) for the business.