November 29, 2019 / 4:59 PM / 15 days ago

Four insurers battle for Spanish market share with Caser takeover - sources

LONDON/MADRID, Nov 29 (Reuters) - The Netherlands’ biggest insurer NN Group NV and Belgian rival Ageas are vying to win market share in Spain as they prepare final bids to take control of domestic insurer Caser Seguros ahead of a Dec. 3 deadline, sources said.

Switzerland’s Helvetia and Spain’s Santa Lucia are also vying for control of the 77-year old company which is backed by French insurer Covea and a series of Spanish banks.

The auction, led by Nomura and Barclays, is expected to wrap up before Christmas valuing the entire business at up to 1.2 billion euros ($1.32 billion), the sources said.

Caser was not immediately available for comment while Ageas, NN Group, Helvetia, Santa Lucia and Cinven declined to comment.

$1 = 0.9073 euros Reporting by Pamela Barbaglia in London and Jesus Aguado in Madrid; Editing by Kirsten Donovan

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