Sept. 21 (Bloomberg) -- Talanx AG, Germany’s third-biggest insurer, received enough orders for all shares offered in a planned sale, according to two people with knowledge of the transaction.
Talanx said yesterday that it was reviving an initial public offering it canceled last week in a bid to raise about 500 million euros ($650 million) to help finance its international expansion. Thomas von Mallinckrodt, a Talanx spokesman, declined to comment.
The Hanover, Germany-based insurer, led by Chief Executive Officer Herbert Haas, yesterday revived the IPO plans it called off last week and said it will offer as many as 26 million shares, as well as 2.89 million registered shares in a potential over-allotment at a price range of 17.30 euros to 20.30 euros. The new stock is scheduled to trade as of Oct. 2.
Talanx, which has been considering the share sale for more than a decade, is owned by German mutual insurer HDI Haftpflichtverband der Deutschen Industrie VaG and owns a 50.2 percent stake in Hannover Re, the world’s fourth-biggest reinsurer.
Meiji Yasuda Life Insurance Co. will receive shares at the IPO price from a 300 million-euro convertible bond that Talanx sold Japan’s third-largest life insurer in 2010.