Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Peco
Forumer storico
Raggiunta l’adesione del 75% degli obbligazionisti (erano sufficienti i due terzi, ossia il 66%) e del 50% dei titolari di obbligazioni subordinate (era sufficiente il 25 In ogni caso, quale che sia il risultato finale, le maggioranze già raggiunte consentono allo Stato e al Land di tirare un sospiro di sollievo. I creditori ordinari incasseranno il 90% del loro credito, quelli subordinati il 45%.
Resta ancora in piedi la proposta ulteriore avanzata dal ministro di riacquistare le obbligazioni al loro valore nominale (versando quindi il 100%), se i creditori sottoscriveranno contemporaneamente titoli di Stato dello stesso importo, a zero interessi, con scadenza a 18,5 anni. In tempi di tassi che sfiorano lo zero la proposta di Schelling potrebbe apparire interessante. In questo caso non sarà necessario che vi sia un’adesione qualificata: il rimborso al 100%, ma tra 18 anni e mezzo, potrà essere attuato con chi ci starà, fosse anche uno solo dei creditori Hypo Bank.
la hypo XS0202259122 in tutto questo che fine fa?
NoWay
It's time to play the game
Banche: Dijsselbloem, interesse di tutti risolvere caso D.B.
MILANO (MF-DJ)--Il caso Deutsche Bank è un fattore di instabilita' ed è nell'interesse di tutti risolverlo.
Lo ha affermato il presidente dell'Eurogruppo, Jeroen Dijsselbloem, arrivando al meeting tra i leader dell'area euro e ricordando che spetta alle autorita' americane e ai rappresentanti della banca tedesca trovare un accordo.
MILANO (MF-DJ)--Il caso Deutsche Bank è un fattore di instabilita' ed è nell'interesse di tutti risolverlo.
Lo ha affermato il presidente dell'Eurogruppo, Jeroen Dijsselbloem, arrivando al meeting tra i leader dell'area euro e ricordando che spetta alle autorita' americane e ai rappresentanti della banca tedesca trovare un accordo.
Peco
Forumer storico
non lo so ma sicuramente non è tre le subordinate che rimborsano al 45% del valore
si questo lo avevo capito, era per farmi un idea, avendo pmc intorno a 3..
Fabrib
Forumer storico
MF:
VERSO LA CONTA NELLA POP MILANO SI CERCA DI ARGINARE LA FRONDA DEI PENSIONATI CONTRO LA FUSIONE Bpm-Banco, sì dei sindacati Domani i segretari nazionali di Fabi, First, Fisac, Uilca e Unsin spiegheranno le ragioni del sì alle nozze. Sabato le assemblee per votare sull’aggregazione: l’esito è in bilico, sarà decisiva l’affl uenza (Gualtieri a pagina 2)
VERSO LA CONTA NELLA POP MILANO SI CERCA DI ARGINARE LA FRONDA DEI PENSIONATI CONTRO LA FUSIONE Bpm-Banco, sì dei sindacati Domani i segretari nazionali di Fabi, First, Fisac, Uilca e Unsin spiegheranno le ragioni del sì alle nozze. Sabato le assemblee per votare sull’aggregazione: l’esito è in bilico, sarà decisiva l’affl uenza (Gualtieri a pagina 2)
Fabrib
Forumer storico
Is Delta Lloyd For Sale?
Oct. 11, 2016 3:00 AM ET
|
About: Delta Lloyd N.V (DLLLF), Includes: NNGPF
Dutch Trader
Follow(1,083 followers)
Deep value, special situations, contrarian, long only
Send Message
Summary
The Dutch insurance industry is in the midst of a fundamental transition.
The current bid price Of EUR 5.30 per share doesn't reflect the true valuation.
Delta Lloyd is a strategic asset in the Netherlands that could trigger other corporate buyers to make a bid.
Last week Dutch insurer NN Group (OTC:NNGPF) made a hostile offer to buy another Dutch insurance company called Delta Lloyd (OTCPK
LLLF).
On Friday, October 7, Delta Lloyd rejected the proposed 2.4 billion euros (5.30 euro per share) takeover bid, saying it "substantially undervalues" the company.
The Dutch insurance industry is in the midst of a fundamental transition were achieving operational efficiencies and innovation is the key. Consolidation is the next step to overcome the difficulties facing the sector. A low-interest rate climate, changes in legislation (Solvency II), changing consumer behavior, changing distribution models and an increased life expectancy has resulted that a necessary change in the insurance ecosystem is needed.
The company
Delta Lloyd N.V. (Delta Lloyd) is a mid-sized European insurer with operations in the Netherlands and Belgium. It is the fourth largest Dutch insurance company.
Source: FD
Although Delta Lloyd's branding is primarily focused on its insurance and pension coverage, the company has taken steps to complement its offering with banking products. In 2015, the company had revenues of 13.9 billion euros of which 87% was attributable to the life insurance segment. A partial pullback from the corporate strategy occurred in late 2014 and early 2015, with the sale of the company's Belgian banking assets and a full disposal of its German operations.
Investment Case
Successful corporate actions have led to a more comfortable balance sheet. The execution of the rights issue, the divestment of private bank Van Lanschot stake, and other management actions, have increased the Group's Solvency 2 ratio to 173%, which is well within Delta Lloyd's comfort zone of 140-180%.
The company is on the right track by putting strong capital levels as the number one priority. This is achieved by de-risking which comes at the cost of profitability.
The current bid price of EUR 5.30 per share doesn't reflect the true valuation:
1) Due to the strategic value of Delta Lloyd's joint venture with ABN AMRO Bank N.V. (the stake in the joint venture is valued at 530 million - 722 million euros).
2) Due to the strategic value of buying market share in a fragmented and mature insurance market.
3) Because Delta Lloyd offers best practice in terms of operational excellence in life insurance, as it is the second most- efficient company in the Netherlands in this segment.
According to several analysts, a price tag between EUR 6 and 6.50 per share would be fair and realistic.
Take Away
The recent takeover bid by NN Group is a confirmation that M&A activity in the Dutch and European insurance industry will accelerate as well-capitalized insurance companies seek growth through acquisition. Delta Lloyd is a strategic asset in the Netherlands that could trigger other corporate buyers to make a bid.
According to Dutch broadcaster, NOS, insurance group Vivat (the fifth largest in the Netherlands) is also interested in Delta Lloyd. In July 2015, Anbang Insurance Group Co., Ltd. (China) completed its acquisition of VIVAT Verzekeringen.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
http://seekingalpha.com/article/4011368-delta-lloyd-sale
Oct. 11, 2016 3:00 AM ET
|
About: Delta Lloyd N.V (DLLLF), Includes: NNGPF
Dutch Trader
Follow(1,083 followers)
Deep value, special situations, contrarian, long only
Send Message
Summary
The Dutch insurance industry is in the midst of a fundamental transition.
The current bid price Of EUR 5.30 per share doesn't reflect the true valuation.
Delta Lloyd is a strategic asset in the Netherlands that could trigger other corporate buyers to make a bid.
Last week Dutch insurer NN Group (OTC:NNGPF) made a hostile offer to buy another Dutch insurance company called Delta Lloyd (OTCPK
LLLF).
On Friday, October 7, Delta Lloyd rejected the proposed 2.4 billion euros (5.30 euro per share) takeover bid, saying it "substantially undervalues" the company.
The Dutch insurance industry is in the midst of a fundamental transition were achieving operational efficiencies and innovation is the key. Consolidation is the next step to overcome the difficulties facing the sector. A low-interest rate climate, changes in legislation (Solvency II), changing consumer behavior, changing distribution models and an increased life expectancy has resulted that a necessary change in the insurance ecosystem is needed.
The company
Delta Lloyd N.V. (Delta Lloyd) is a mid-sized European insurer with operations in the Netherlands and Belgium. It is the fourth largest Dutch insurance company.
Source: FD
Although Delta Lloyd's branding is primarily focused on its insurance and pension coverage, the company has taken steps to complement its offering with banking products. In 2015, the company had revenues of 13.9 billion euros of which 87% was attributable to the life insurance segment. A partial pullback from the corporate strategy occurred in late 2014 and early 2015, with the sale of the company's Belgian banking assets and a full disposal of its German operations.
Investment Case
Successful corporate actions have led to a more comfortable balance sheet. The execution of the rights issue, the divestment of private bank Van Lanschot stake, and other management actions, have increased the Group's Solvency 2 ratio to 173%, which is well within Delta Lloyd's comfort zone of 140-180%.
The company is on the right track by putting strong capital levels as the number one priority. This is achieved by de-risking which comes at the cost of profitability.
The current bid price of EUR 5.30 per share doesn't reflect the true valuation:
1) Due to the strategic value of Delta Lloyd's joint venture with ABN AMRO Bank N.V. (the stake in the joint venture is valued at 530 million - 722 million euros).
2) Due to the strategic value of buying market share in a fragmented and mature insurance market.
3) Because Delta Lloyd offers best practice in terms of operational excellence in life insurance, as it is the second most- efficient company in the Netherlands in this segment.
According to several analysts, a price tag between EUR 6 and 6.50 per share would be fair and realistic.
Take Away
The recent takeover bid by NN Group is a confirmation that M&A activity in the Dutch and European insurance industry will accelerate as well-capitalized insurance companies seek growth through acquisition. Delta Lloyd is a strategic asset in the Netherlands that could trigger other corporate buyers to make a bid.
According to Dutch broadcaster, NOS, insurance group Vivat (the fifth largest in the Netherlands) is also interested in Delta Lloyd. In July 2015, Anbang Insurance Group Co., Ltd. (China) completed its acquisition of VIVAT Verzekeringen.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
http://seekingalpha.com/article/4011368-delta-lloyd-sale
Similar threads
- Bloccata
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Bloccata
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1
