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euro adhoc: Vienna Insurance Group
Capital measures
Successful EUR 1.14 Billion Capital Increase by Vienna Insurance Group Subscription and offer price set at EUR 49.50 per new share

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
07.05.2008
Not for distribution in the United States, Canada, Japan and 
Australia.
Please note: this is a translation; only the German version of this  
release  is legally binding
Following today's close of bookbuilding, Wiener Städtische 
Versicherung AG Vienna Insurance Group ("Vienna Insurance Group") set
the subscription and offer price for its new shares at EUR 49.50 per 
share. Based on the strong demand, all 23,000,000 new shares offered 
were placed. The capital increase of Vienna Insurance Group with 
gross proceeds of about EUR 1.14 billion represents the largest ever 
share offering by an insurance group on the Vienna Stock Exchange.
The global offering was several times oversubscribed with strong 
demand coming from both existing Vienna Insurance Group shareholders 
and a wide range of new retail and institutional investors. Demand 
from institutional investors was particularly strong in Austria, the 
UK, the US and Japan. Wiener Städtische Wechselseitige 
Versicherungsanstalt-Vermögensverwaltung has granted the Joint 
Bookrunners the option to purchase up to an additional 1,000,000 
shares to cover overallotments.
Vienna Insurance Group CEO Günter Geyer comments: "The successful 
capital increase once again proves the attractiveness of Vienna 
Insurance Group's business model. Our strategy to position ourselves 
at the right time to capture the growth in the CEE region - right now
in particular in life insurance - is appealing to investors."
Vienna Insurance Group intends to use the net proceeds to fund the 
recently announced acquisition of the insurance operations* of Erste 
Bank der oesterreichischen Sparkassen AG ("Erste Bank") including the
long-term mutual distribution partnership with Erste Bank. The 
capital increase will also enable Vienna Insurance Group to expand in
the dynamic growth markets in the CEE region and to finance further 
acquisitions in the region. The financing has been designed to 
maintain the strong capitalisation and financial position of Vienna 
Insurance Group following the transaction.
Trading of the new shares in the Prime Market segment of the Vienna 
Stock Exchange and in the Main Market segment of the Prague Stock 
Exchange is expected to commence on or about 9 May 2008. Closing and 
settlement is expected to take place on or about 13 May 2008. The new
shares carry full dividend rights from the fiscal year 2008.
Erste Bank, JPMorgan and Merrill Lynch acted as Joint Global 
Coordinators and Joint Bookrunners of the offering.
*subject to approval by the authorities
Disclaimer
This press release constitutes neither an offer to sell nor  a  
solicitation  to buy any securities of Wiener Städtische Versicherung
AG Vienna Insurance  Group. The securities have already been sold.
This release and the information contained herein are not  for  
distribution  in or into the United States of  America  and  must  
not  be  distributed  to  U.S. persons (as defined in Regulation S of
the  U.S.  Securities  Act  of  1933,  as amended ("Securities Act"))
or to publications with  a  general  circulation  in the United 
States. This press release does not constitute an offer to sell or  a
solicitation of an offer to purchase any securities in the  United  
States.  The securities of Vienna Insurance Group have not been and 
will  not  be  registered under the Securities Act and may not be 
offered, sold or  delivered  within  the United States or to U.S. 
persons absent  registration  under  or  an  applicable exemption 
from the registration requirements of the Securities Act.  There  
will be no public offer of  securities  of  Vienna  Insurance  Group 
in  the  United States.
This release is directed only to persons (i) who are outside the 
United  Kingdom or (ii) who have professional experience  in  matters
relating  to  investments falling within Article 19(5) of the 
Financial  Services  and  Markets  Act  2000 (Financial Promotion) 
Order 2001 (as amended) (the "Order") or  (iii)  who  fall within 
Article 49(2)(a)  to  (d)  ("high  net  worth  companies,  
unincorporated associations, etc.") of the Order (all such persons 
together being  referred  to as "Relevant Persons"). Any person who 
is not a Relevant Person must not act  or rely on this communication 
or any of its contents. Any investment or  investment activity to 
which this communication  relates  is  available  only  to  relevant 
persons and will be engaged in only with Relevant Persons.
end of announcement                               euro adhoc

Further inquiry note:

Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at

Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wiener Börse AG / official market

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