Uniqa plans 700-800 mln eur share sale in 2013
VIENNA, Sept 9
VIENNA, Sept 9 (Reuters) - Austrian insurer Uniqa said it would carry out a major share flotation this year and had mandated banks to issue 700 to 800 million euros ($921 million to $1.05 billion) of new shares.
The planned "re-IPO" - so called because it will raise the free float from just 7 percent - is likely be the biggest transaction on the Vienna Stock Exchange since the 411 million-euro initial public offering (IPO) of aluminium group AMAG in April 2011.
Uniqa said its core shareholders - Raiffeisen Zentralbank with 45.3 percent and two private foundations with 44.1 percent and 3.3 percent - were not expected to exercise their subscription rights but would maintain a majority shareholding.
The company has a current market capitalisation of 2.25 billion euros, meaning the offering could help it reach a free float of about 30 percent.
"The planned re-IPO is a key milestone for Uniqa. The intended opening to the international stock market will continue to positively change the company's identity," Chief Executive Andreas Brandstetter said in a statement on Monday.
Uniqa had previously said it would carry out the share sale either this year or next. It said on Monday the exact size and timing of the offering would depend on prevailing market conditions.
The insurer said the share issue would help it achieve its long-term goals, which include increasing its number of customers to 15 million by 2020 from 9 million.
It also aims to raise its profit from ordinary activities by up to 350 million euros over its 2012 result of 205 million euros by 2015.
The banks mandated for the share issue are Deutsche Bank , Morgan Stanley and Raiffeisen Centrobank as joint bookrunners, with Barclays, Berenberg and UBS as co-bookrunners.
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Cold, ice grip U.S. as more snow to blanket East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'