The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
BE Group, an investment firm fronted by former bankers, has made a fresh attempt at a takeover of Belgium’s biggest insurer Ageas, people familiar with the matter said.
The consortium recently approached Ageas and has been trying to secure financing for a potential deal, the people said, asking not to be identified discussing confidential information. Shares in Ageas rose as much as 3.5% in early trading on Friday. The stock was up 2.4% at 9:03 a.m. in Brussels, giving it a market value of €8.5 billion ($9.2 billion).
BE Group has been chasing Ageas for some time. The insurer rebuffed an earlier approach from the investor group in the summer of 2020 without engaging. BE Group began exploring a new pursuit the following year.
Any deal would rank as one of the biggest in the European financial services sector, but little-known BE Group may face difficulty winning over stakeholders in Belgium, where Ageas is a national champion in a heavily regulated industry.