Regulated information - Ageas and ABN AMRO agree to settle legal proceedings
(Thomson Reuters ONE) -
ageas SA/NV and ageas N.V. ("Ageas") and ABN AMRO Group N.V. and ABN AMRO Bank
N.V. ("ABN AMRO") have agreed to settle the legal proceedings concerning ABN
AMRO Capital Finance Ltd. (former Fortis Capital Company Ltd. "FCC") and the
Mandatory Convertible Securities ("MCS"). This settlement also brings to a close
all outstanding disputes between the Dutch State and Ageas in relation to the
equity transactions which resulted in the take-over of the Dutch activities of
the former Fortis group by the Dutch State on 3 October 2008. NL Financial
Investments, the majority shareholder of ABN AMRO, co-signed this agreement on
behalf of the Dutch State.
The settlement will lead to a one-off cash payment by ABN AMRO to Ageas of EUR
400 million at the latest on 5 July 2012. This payment will be recorded as a net
profit in the half year results of Ageas representing about EUR 0.16 per share.
The preference shares of FCC and the MCS were issued in 1999 and 2007
respectively by entities that belonged to the former Fortis group. Following the
break-up of the former Fortis group, there was no agreement on whether and/or
how to share the cost of conversion of these instruments among the entities
involved. On 29 June 2009 Ageas made a EUR 362.5 million cash payment for the
FCC and on 7 December 2010 Ageas converted the MCS into Ageas shares. Ageas
initiated two legal proceedings in the Netherlands regarding these
disagreements. This settlement now discontinues these legal proceedings.
CEO Bart De Smet said: "This settlement is a new, major step forward in solving
the outstanding legacy issues. Ageas has consistently indicated its preference
for an amicable out-of-court settlement between all parties, rather than lengthy
legal procedures. Today, we are pleased that our common efforts over the past
months have finally resulted in a positive outcome for Ageas and a further
reduction of the complexity of the Group. More than ever before, our focus will
now be on the execution of our insurance strategy."
Ageas is an international insurance company with a heritage spanning more than
180 years. Ranked among the top 20 insurance companies in Europe, Ageas has
chosen to concentrate its business activities in Europe and Asia, which together
make up the largest share of the global insurance market. These are grouped
around four segments: Belgium, United Kingdom, Continental Europe and Asia and
served through a combination of wholly owned subsidiaries and partnerships with
strong financial institutions and key distributors around the world. Ageas
operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal,
Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong
Kong and UK. It is the market leader in Belgium for individual life and employee
benefits, as well as a leading non-life player, through AG Insurance, and in the
UK, it has a strong presence as the third largest player in private car
insurance and the over 50's market. It employs more than 13,000 people and has
annual inflows of more than EUR 17 billion.
MEDIA CONTACT
+32 (0)2 557 57 37 / +32 (0) 479 79 50 02
INVESTOR RELATIONS
Brussels
+32 (0)2 557 57 33
Utrecht
+31 (0)30 252 53 05
Ageas
Rue du Marquis 1 - 1000 Brussels - Belgium
Archimedeslaan 6 - 3584 BA Utrecht - The Netherlands
www.ageas.com
Pdf version of the press release:
http://hugin.info/134212/R/1622535/518580.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ageas via Thomson Reuters ONE
[HUG#1622535]
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Datum: 28.06.2012 - 02:03 Uhr
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