CORRECTED-CNP Assurances and Santander team up in insurance in Europe

Thu Jul 10, 2014 2:22am EDT

(Corrects amount of deal in first paragraph to 290 million euros from 250 million)

PARIS, July 10 (Reuters) - France's CNP Assurances said on Thursday it had reached a 290 million euro ($396 million) deal with Spain's Banco Santander creating a long-term strategic partnership in insurance in Europe.

The partnership will cover 10 countries and will see CNP Assurances take a 51 percent stake in Santander's life and non-life insurance units, CNP said in a statement. The transaction is expected to close by the end of the year.

($1 = 0.7331 Euros) (Reporting by Natalie Huet; editing by Jason Neely)