December 22, 2017 / 8:02 AM / a month ago

UPDATE 1-Germany's Allianz seeks to buy remaining shares in Euler Hermes​

* Allianz files offer with French markets regulator AMF

* Insurer to pay 122 euros per share for 24.2 percent stake

* Allianz hopes offer will take holding to 100 percent (Adds details from announcement, background)

FRANKFURT, Dec 22 (Reuters) - Allianz, Germany’s biggest insurer, said it was seeking to become the sole owner of Euler Hermes and planned to offer 122 euros ($145) for each share in the French credit insurance firm that it did not already own.

Allianz filed a tender offer for the outstanding shares in Euler Hermes, representing a 24.2 percent stake, with French markets regulator AMF, it said on Friday.

The offer would open in early 2018 and Allianz intends to follow up with a squeeze-out procedure, it said, referring to a process to buy out smaller shareholders.

“The offer marks a step forward in Allianz’s strategy to invest in profitable businesses and strengthen its position in core home markets, and in property and casualty in particular,” Allianz said in a statement.

Allianz said in November it had struck a deal to buy 11.3 percent of Euler Hermes’ stock for 122 euros per share in cash, a move that took its holding to close to 75 percent of shares.

At the time, the company said it planned to make a public takeover offer for the remaining stock at the same price.

Allianz said the offer price is a 20.7 percent premium to the pre-announcement closing price on Nov. 24.

$1 = 0.8440 euros Reporting by Ludwig Burger and Tom Sims; Editing by Subhranshu Sahu and Edmund Blair

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