allianz-exits-koreas-hana-financial-at-a-11-discount

Allianz exits Korea's Hana Financial at a 1.1% discount

The $498 million sell-down formally ends a long-term strategic partnership between the two companies.
German insurance and financial services company Allianz has sold its entire 4.7% stake in KoreaÆs Hana Financial Group through a placement arranged by Deutsche Bank, ending a life insurance partnership between the two banks that dates back to 2003.

The sale, which was completed after the market closed yesterday, was done at a tight 1.1% discount to the closing price which allowed the seller to raise W463.1 billion $498 million. The price was fixed at the top of the W45,700 to W46,450 offering range after four hours of bookbuilding.

A source close to the deal said investors were positive on the company partly because it is trading at an attractive valuation relative to other...
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