Allianz’s US $ 235 M bid for Greece’s European Reliance

Allianz on Friday said it will pay about 207 million euros ($235 million) to acquire Greek insurer European Reliance, a move that will create the country’s fifth-largest insurer based on gross written premiums.
The 7.80 euros per share bid represents a 15.7% premium to Friday’s closing price, Allianz said, adding it was entering share purchase agreements covering 72% of European Reliance’s shares and launch a takeover bid for the remaining stake.