Fags and finance no longer mix
Article Abstract:
British American Tobacco (BAT) will be separated from its insurance arm, which will be merging with Zurich Group. The merger will bring cost savings of some $400 million annually, mostly from 1,600 jobs to be shed in the United Kingdom, mainlay from Eagle Star. BAT stockholders will receive one share in Allied Zurich, a new listed company, for every BAT share. Allied Zurich will hold 43% of Zurich Financial Services, and Zurich Group stockholders will receive a stake in Zurich Allied, which will own the remainder.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Allianz: insurers club together
Article Abstract:
Allianz and Munchener Ruck (Munich Re) are involved in a deal to allow Allianz to avoid anti-cartel restrictions through the sale of a majority holding in DKW to Munich Re. Allianz was to have acquired Vereinte Group with the acquisition of the direct insurance operations of Swiss Re in 1994, but the German authorities ruled against the Vereinte acquisition. The sale of DKW means that Allianz will be able to acquire Vereinte as previously planned.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: France: no more. Poll jitters in Paris. Stumbling block
- Abstracts: Windfalls all round for carpet baggers. Sting in the bonus tail. Savings rates: income threat
- Abstracts: Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting
- Abstracts: Midland meets its prince. Does less mean more?
- Abstracts: Mixed reception for retirement insurance. No pain, no gain. Chinks in the armour