January 24, 2020 / 6:17 AM / a month ago

BRIEF-Helvetia Takes Over Majority Stake In Spanish Caser

Jan 24 (Reuters) - HELVETIA HOLDING AG:

* ACQUISITION OF AROUND 70 PERCENT OF THE SHARES

* HAS AGREED WITH VARIOUS SHAREHOLDERS ON THE SALE OF THEIR SHARE PACKAGES

* PURCHASE PRICE FOR A STAKE OF ALMOST 70 PERCENT IN CASER IS AROUND EUR 780 MILLION

* PARTNERS IN BANK SALES WILL RETAIN AROUND 30 PERCENT OF THE SHARES IN CASER

* OTHER SHAREHOLDERS HAVE THE OPPORTUNITY TO SELL THEIR SHARES ON THE SAME TERMS AS HELVETIA

* BRANDS AND MANAGEMENT TEAMS WILL REMAIN

* JOINT MANAGEMENT COMMITTEE WILL BE SET UP AFTER THE TRANSACTION, IN WHICH MEMBERS OF HELVETIA SPAIN AND CASER WILL BE REPRESENTED

* HELVETIA HOLDING - EXPECTS THE TRANSACTION TO BE COMPLETED IN THE FIRST HALF OF 2020

* HELVETIA HOLDING - INTENDS TO FINANCE TWO THIRDS OF THE ACQUISITION OF CASER BY ISSUING HYBRID BONDS AND ONE THIRD BY ISSUING NEW SHARES Source text: bit.ly/2TRgFcB Further company coverage: (Gdansk Newsroom)

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