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Aviva’s Delta Lloyd eyes IPO in Q4 or 2010: CEO

Aviva’s Delta Lloyd eyes IPO in Q4 or 2010: CEO
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First Published: Mon, Sep 28 2009. 07 56 PM IST
Updated: Mon, Sep 28 2009. 07 56 PM IST
Amsterdam: British insurer Aviva’s Dutch unit Delta Lloyd plans to list in the fourth quarter of this year or early next year.
“We are working on it. If there is additional information to give, we will let the market know,” , Delta Lloyd chief executive Niek Hoek told Reuters on the sidelines of a Holland Financial Centre event.
He declined to comment on potential investors in the shares.
In August, Aviva said it would float a stake in Delta Lloyd “as soon as conditions allow” and planned to list 25-30% of Delta Lloyd shares to bolster its capital and benefit from takeovers Delta Lloyd could do in the Benelux insurance market.
Aviva, which holds 92% of Delta Lloyd, would retain a majority stake.
But Hoek said Delta Lloyd’s attention was on the IPO process and not on acquisitions, despite speculation it could become a major consolidator in the Dutch market.
He also said acquisitions were not necessary to make it a more attractive company for an IPO. “You don’t need takeovers to make a good investment,” Hoek said.
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First Published: Mon, Sep 28 2009. 07 56 PM IST