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Germany’s Talanx gets clearance for TU Europa takeover


2012-05-09



The Financial Supervisory Commission (KNF) on 8 May gave its approval for Talanx, the German insurance group, and its Japanese partner Meiji Yasuda Life Insurance to acquire TU Europa, a mid-tier Polish insurer, from WSE-listed financial services group Getin Holding. The value of the transaction, first announced in December 2011, is just under PLN 912m (approx. €217m).

The news comes just over a month after the European Commission cleared Talanx’ and Meiji Yasuda’s joint acquisition of TUiR Warta, Poland’s number two insurer, from KBC of Belgium. In its statement, the KNF says the German group has committed itself to floating its shares on the Warsaw Stock Exchange within two years of completing the two deals.

TU Europa, which is also listed in the WSE, is the leading bancassurance specialist in Poland, offering credit insurance, unit-linked life insurance and investment products. It employs approximately 250 people and in its fiscal 2010 generated gross written premiums of €1.1bn.



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