Swiss Re buys stake in Vietnamese firm
The global reinsurance company spends $79 million to acquire 25% of VinaRe, forging a technical alliance with Vietnam's only reinsurance firm.
Swiss Re will buy a 25% stake in Vietnamese reinsurance provider, Vietnam National Reinsurance Corporation VinaRe, for Vnd1.3 trillion $79 million.
VinaRe will issue Swiss Re 16.8 million new shares at a price of Vnd75,000 per share. The price represents a premium to the Vnd62,000 that VinaRe traded at yesterday but is close to the high that the shares have traded at over the past 12 months.
Rothschild and Horizon Capital Advisers ran an auction...
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