Dutch-Belgian bancassurance group Fortis has successfully acquired a 98.59% shareholding in Hong Kong-based Pacific Century Insurance Holdings.
Dennis Ziengs, CEO of Fortis Insurance International Asia, said: Fortis’s strong insurance presence in Asia will be ideally complemented by this acquisition. It also provides Fortis with an excellent platform from which to build a significant presence in Hong Kong; a priority market for Fortis.
The mandatory general offer for the 98.59% stake was launched on May 21, 2007, following the acquisition by Fortis of 50.45% of Pacific Century Insurance Holdings (PCIHL). With over 95% of the shares, Fortis will now undertake a compulsory acquisition for the remaining 1.41% of shares at a price of HKD8.18 per share. Fortis will also seek approval from the Hong Kong Stock Exchange authorities to de-list the company.
Fortis plans to change the name of the main trading entity, Pacific Century Insurance Company Limited, to Fortis Insurance Company (Asia) Limited.