Today on 11.02.2022, the Board of Directors of the company European Credit announced that during the meeting of what took place on 11.02.2022 at 18:30, it was informed that the company Allianz, submitted an optional public offer in accordance with the provisions of Law 3461 / 2006, as in force, for the acquisition of all the shares of the company instead of an offered consideration amounting to € 7.8 per share. The acquisition of the shares by Allianz will be subject to obtaining the required licenses from the competent supervisory authorities, the Bank of Greece, the Hellenic Capital Market Commission and the Competition Commission.
As mentioned in the relevant announcement, today Allianz signed with various shareholders purchase and sale agreements, for the acquisition before the end of the Public Offering of 19,181,256 shares of the company that represent a total of 72.2% of the shares and voting rights of the conditional company. of obtaining the required licenses from the competent supervisory authorities, the Bank of Greece, the Hellenic Capital Market Commission as well as the Competition Commission (hereinafter the Transaction). In particular, Allianz has concluded share purchase agreements with:
1) shareholders of the company, including its executives and the Managing Director for the acquisition of a total of 5,313,400 shares of the company representing 20.02% of the shares and voting rights of the Company,
2) the EBRD for the acquisition of 4,125,552 shares representing 15.54% of the shares and voting rights of the Company and
3) with other shareholders for the acquisition of 9,742,304 shares representing 36.7% of the shares and voting rights of the company.
Allianz’s ultimate plans are to consolidate the company’s activities with those of the Allianz group subsidiary in Greece with CEO Christos Georgakopoulos, to maintain the company’s name and to strengthen the Allianz group’s role in the Greek insurance market.
The planned participation of Allianz in the share capital of European Loyalty as well as the stay of Mr. Christos Georgakopoulos in the management of the company lays the foundations not only for ensuring the continuation of the business strategy and operation of the company under the same successful business principles , but especially for the achievement of additional benefits and synergies from the Company ‘s participation in a global group which operates in the same sector, thus contributing to the further strengthening of the Company’ s business activities.
Alphacap acts as a financial advisor for the Transaction and the law firm Zepos & Giannopoulos as a legal advisor.
Source: Capital
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