Ackermans & van Haaren ("AvH") has reached an agreement in principle with the family shareholders (fifteen families) of Group Vanbreda regarding the acquisition of their participation of 40% in the share capital of Finaxis.
Parties have agreed that the transfer of ownership of the shares and the payment of the first instalment of the price shall take place end of January 2004. At that time AvH shall acquire full control over Finaxis, the financial holding which covers both Bank Delen (100%) and Bank J. Van Breda & C° (100%).
The planned investment in the acquisition of the additional 40% stake in Finaxis amounts to € 68 mio per year, and this during the next three years (2004-2006).
As a result of this acquisition AvH will record in its consolidated accounts (part of the group) as from the financial year 2004 a 100% interest (before 60%) in Finaxis N.V. The impact of the planned transaction on the consolidated result of AvH will be further commented upon March 17th 2004 further to the publication of the annual results 2003.
AvH does not exclude that, in light of her relationship with the family Delen, the latter would participate in the future structure of the Finaxis-group.
Van Breda Risk & Benefits and Vanbreda International, together the most important Belgian insurance broker with 600 staff members, are not part of Finaxis and are therefore not involved in this transaction. Both brokers remain for 100% in the hands of the family shareholders of Group Vanbreda.
Antwerp, December 22nd 2003.
For further information, please contact :
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Jan Suykens |
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CFO |
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Ackermans & van Haaren N.V. |
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Tel : +32 (0)3 203 43 82 |
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e-mail : dirsec@avh.be |
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