AMSTERDAM Oct 5 NN Group, the largest
Dutch insurer by market capitalisation, on Wednesday launched an
offer to buy the number 3 Delta Lloyd for 2.4 billion
euros ($2.7 billion) in cash.
NN Group said it would offer 5.30 euros per share for Delta,
a 29 percent premium over its closing price on Tuesday, and 53
percent higher than its three-month average.
NN has thrived due to strong capitalisation under Europe's
new Solvency II rules, while Delta Lloyd swooned and twice it
has been forced to issue shares. NN Group's bid is subject to
approval from Delta's board, regulators and shareholders.
($1 = 0.8917 euros)
(Reporting by Toby Sterling; Editing by Sherry Jacob-Phillips)