German insurer Allianz is preparing an offer for Swiss Life, French online news site Wansquare reported on Sunday, citing Swiss banking sources.
If an offer materialised in coming days, it would be based on 5.5 billion Swiss francs ($5.3 billion), or a minimum premium of around 20 percent over Swiss Life’s market value of 4.6 billion, Wansquare said.
A spokesman for Allianz declined to comment.
Swiss Life shares rose last week as traders pointed to Allianz could be interested in making a bid for the company. In November, Allianz finance director Oliver Baete said the company had no plans for either acquisitions or a capital hike. The group has a market value of 40 billion euros ($57 billion).
Source: Reuters
