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BULLETIN: Talanx AG and Subs Ratings Unchanged by Partial Public Offering of Hannover Re Stake Feb 04
Standard & Poors, Feb 2004
Abstract
FRANKFURT (Standard & Poor's) Feb. 18, 2004--Standard & Poor's Ratings Services said today that the ratings and outlook on Germany-based Talanx AG (Talanx; A-/Negative/--) and its main operating entities (rated AA-/Negative/--), including Hannover R-ckversicherungs-AG (Hannover Re) are unaffected by the secondary public offering (SPO) of 24.8 million shares or 20.6% of Talanx's share in Hannover Re. Talanx is the management holding company of the Talanx (re)insurance group and, following the SPO, will retain a 51.2% stake in Hannover Re. The proceeds of the SPO amounted to -708 million, reflecting a share price of -28.50. The SPO meets Standard & Poor's expectations, being consistent with Talanx's strategy of focusing on primary insurance, possibly through acquisitions. The transaction will improve Talanx's liquidity...
Companies mentioned in this report are: Talanx AG,Hannover Rueckversicherung AG
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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