On June 19, Zurich Insurance Company announced the acquisition of a 70% stake in Kotak Mahindra General Insurance Company from Kotak Mahindra Bank for the equivalent of US$670 million ($905 million).
Acceptance level from the minority shareholders of Great Eastern Holdings (SGX:G07
) (GEH) is creeping up and stands at 89.34% as at June 19. Soon, the 116-year old life insurer will no longer be listed.
Oversea-Chinese Banking Corp (OCBC) is offering $25.60 per share or 0.7x GEH’s embedded value for the GEH shares it does not own. Interestingly, on June 14, Income Insurance announced it is “currently in discussion with Allianz on a transaction relating to the shares of Income Insurance”. Market watchers are expecting anything upwards of 0.9x.
