Key Developments: Aviva PLC (AV_pa.L)
Latest Key Developments (Source: Significant Developments)
Reuters reported that Aviva Investors, the funds arm of Aviva Plc is cutting 6% of its global staff, including a number of senior managers as part of a restructuring. Among the approximately 60 staff leaving the firm are the head of credit Mark Wauton and the head of equity solutions Iyad Farah. Full Article
Aviva Plc (Aviva) announced that it has reached a conditional agreement to sell its entire 39% stake in Eurovita Assicurazioni S.p.A. (Eurovita) to JC Flowers (JCF)1 for a total consideration of €33 million, payable in cash. Proceeds will be used for general corporate purposes.The sale is subject to approval by IVASS, the Italian insurance regulator. If approved, the transaction would increase Aviva's economic capital surplus by £0.1bn and will have no impact on Aviva's IFRS net assets. The agreement represents further progress in Aviva's strategy to focus our Italian business on more profitable, capital efficient products. Eurovita is an Italian life insurer which distributes guaranteed savings products through a network of local and regional Italian banks. Eurovita contributed £6m to Aviva's IFRS profit after minorities in the first half of 2013. Eurovita had ca. £3bn IFRS total assets at 30 June 2013. Eurovita is majority owned by Aviva and Banco Popolare. Banco Popolare has agreed to sell its entire stake in Eurovita to JCF. Full Article
Aviva Plc announced that it has completed the sale of Aviva USA Corporation, its US life and annuities business (Aviva USA), to Athene Holding Ltd (Athene). The transaction proceeds are USD2.6 Billion  (GBP1.7 Billion) and are subject to customary completion adjustments. Full Article
Spirit Pub Company PLC announced that Aviva plc holds 20,341,587 shares in the capital of the Company which represents 3.08% of the total voting rights in the Company as at that date. Full Article
Faroe Petroleum Plc announced that Aviva Plc & its Subsidiaries holds 15,336,982 direct units which represents 6.19% of the voting rights of the Company. Full Article
Aviva Plc announced that the Board of Directors of the Company has declared an interim dividend of GBP0.056 (2012 - GBP0.10). Full Article
Business Standard reported that Aviva Plc is planning to pull out of its Indian insurance joint venture, valued at more than $500 million, as the British insurer retreats from less-profitable markets where it has struggled to grow its business, sources said. Aviva is in the process of hiring corporate advisors to find buyers for its 26% stake in Aviva Life, its venture with Dabur Group, which owns personal care and food products manufacturer Dabur India Ltd . Aviva is considering various options, including the sale of its stake to Dabur Group if it fails to find a foreign insurer to buy it, one of the sources said. Full Article
Aviva Plc announced that Legal & General Group Plc (L&G) holds 88,517,940 units representing 3% of the voting rights of the Company. Full Article
Morgan Sindall Group PLC's Muse Developments in Joint Venture with Aviva PLC 's Aviva Investors Appointed Preferred Bidder for Redevelopment of St Nicholas House in Aberdeen
Morgan Sindall Group PLC announced that Muse Developments, its Urban Regeneration division, in joint venture with Aviva PLC 's Aviva Investors, has been appointed as preferred bidder to work with Aberdeen City Council on the redevelopment of the St Nicholas House site in Aberdeen. The project will be fully funded by Aviva Investors, and has an overall value in excess of GBP 100 million. Muse Developments proposes to develop a mixed-use quarter for the city on the brownfield site which previously housed the local authority's corporate headquarters. The proposal is for a development which will house offices, a boutique hotel, cafes, restaurants and retail space, as well as creating public space including a small civic square and pedestrianising Broad Street. Provost Skene's House is also included in the proposals. The Council will lease the development from Muse and receive a proportion of the rental profits for 35 years, after which the site and development will transfer into council ownership. A public consultation lasting 12 weeks will be carried out before any planning application is submitted. The site will be developed in a single phase and Muse aims for completion during 2016. Full Article
Aviva Plc Announces Completion Of Settlement And Transfer Of Its Entire Holding In Spanish Joint Venture Aseval To Bankia. S.A.
Aviva Plc announced that it has received EUR608 million in cash from Bankia S.A. (Bankia) following settlement and transfer of its entire holding in Spanish joint venture Aseval to Bankia. Full Article
ISTANBUL, Nov 29 - British insurer Aviva Plc and Turkey's Sabanci Holding have mandated Citigroup and HSBC to sell between 20 and 25 percent of Turkish life and pensions joint venture Avivasa Emeklilik & Hayat Sigorta in an initial public offering, two sources told Reuters on Friday.