Fortis has announced that it wants to take over Delta Lloyd's 51% stake in ABN Amro Verzekeringen.
The acquisition of these shares would enable Fortis to further shape the distribution of insurance through its banking channel in the Netherlands.
Owing to the change of control at joint venture partner ABN Amro as a consequence of the takeover of ABN Amro by the consortium, ABN Amro can contractually exercise call option rights to buy back the 51% shares in ABN Amro Verzekeringen held by Delta Lloyd.
According to Fortis, ABN AMRO will transfer this stake, once acquired, together with the 49% of ABN Amro Verzekeringen it already holds to Fortis Insurance Netherlands.
Regulators, unions and employee representation bodies have been informed of this intention. Fortis expects the talks to be finalized in the fourth quarter of 2008. The transaction is expected to be completed in the first quarter of 2009.