LONDON Jan 8 Aviva Plc has raised 353
million pounds ($566 million) from the sale of its remaining
stake in Dutch insurer Delta Lloyd, a disposal intended
to help turn around the flagging share price of Britain's second
Aviva sold all its 34 million shares in Delta Lloyd, the
company said on Tuesday, an amount equivalent to just over 19
percent of the Dutch firm's capital.
The shares were priced at 12.65 euros per share,
representing a 1.6 percent discount to Delta Lloyd's closing
share price of 12.86 euros on Tuesday, it said.
"The offering was completed very successfully with strong
investor demand and priced at a narrow discount to the closing
price," Aviva said in a statement.
"This sale will be a good start to 2013," Chief Executive
Mark Wilson said in an earlier statement. He said it supported
the group's aim to narrow its focus.
Aviva's shares, which closed down 1.7 percent on Tuesday,
fell more than 30 percent from the beginning of 2011 to last
June. They have since begun to recover as the insurer has hived
off parts of its business, including its U.S. unit and its share
of a Spanish joint venture.
It acquired Delta Lloyd in 1973 but began offloading its
interest in 2009 after an unsuccessful attempt to challenge
corporate governance rules that limited its control.
Last July, it raised $494 million via a sale of 37 million
shares in the Dutch firm.
Aviva said Morgan Stanley was coordinating the sale, and
acting as joint bookrunner along with Goldman Sachs and
Barclays. ABN AMRO is co-lead manager.