SNS Reaal buys AXA’s Dutch insurance

Dutch bank insurance company SNS Reaal is to buy the Dutch insurance activities of French giant AXA for €1.75bn in cash. The deal takes in AXA Nederland, Winterhur Insurance Holding and DBV Holding.

To finance the takeover, SNS Reaal will shortly issue new shares worth €350m. The deal is expected to be finalised in the second half of 2007 and will almost double SNS Reaal’s market share.

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