Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ageas Shares Rise on BNP’s Tender Offer for Convertible Notes

Don't Miss Out —
Follow us on:

Jan. 31 (Bloomberg) -- Ageas, the majority owner of Belgium’s biggest life insurer, rose as much as 6 percent in Brussels trading after announcing that BNP Paribas SA’s tender offer for undated convertible notes closed successfully.

The shares climbed as much as 9.1 cents to 1.616 euros and traded at 1.59 euros, or 4.3 percent higher, at 9:41 a.m. local time. The stock is up 28 percent this year.

BNP Paribas got acceptances for more than 50 percent at an offer price of 47.5 percent of face value in its tender offer for undated convertible notes, or so-called CASHES, sold by Fortis Bank that can be converted into Ageas shares, Ageas said today in a statement.

The offer by BNP Paribas is part of a settlement of some remaining liabilities from Ageas’s Fortis legacy and will reduce the credit risk on Fortis Bank SA/NV and will make Ageas’s earnings less volatile, according to Ageas.

Ageas will announce more details, including the impact on earnings, after BNP Paribas discloses how many tendered CASHES it will convert into Ageas shares.

To contact the reporter on this story: Andrew Clapham in Brussels at aclapham@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.