Talanx to delist from Warsaw Stock Exchange to cut costs
European insurance group Talanx, the parent company of Hannover Re and HDI, has revealed its intention to delist its shares from the Warsaw Stock Exchange, the largest stock exchange in Central Europe, in a move to increase liquidity and reduce the costs of its listing.
HDI V.a.G. will make a public offer to those shareholders of Talanx AG who hold their shares through the National Securities Depository in Poland (Krajowy Depozyt Papierów Wartościowych, KDPW), to purchase their shares.
The offer for cash payment of PLN 138.74 (€30.92) per share will be limited to approximately 77,000 shares. It thus has a total volume of up to PLN 10.5 million (€2.4 million).
The offer period during which eligible shareholders can accept the offer will begin on January 4, 2021 and end on February 2, 2021.
HDI V.a.G. complies with Talanx AG's request to terminate the stock exchange listing in Warsaw.
Talanx said that by concentrating on the central trading place Xetra / Frankfurt, it hopes to achieve "more liquid and thus more attractive trading for its investors, and at the same time to reduce the costs of its listing."
It noted that for legal reasons it cannot make such a delisting offer itself. HDI V.a.G. intends to sell the shares acquired thereafter in a way that does not harm the market.
