Aviva to sell Delta Lloyd

Aviva has announced its intention to sell the remainder of its shareholding in financial services provider Delta Lloyd.

The offering is expected to comprise up to 34,288,795 shares in the life insurance and pension provider, which operates in the Netherlands and Belgium. This number of shares is equivalent to 18.2% of Delta Lloyd’s voting rights.

If all the shares available in the offering are sold, Aviva will no longer hold any stake in Delta Lloyd.

Aviva has entered into a placing agreement with ABN, AMRO, Barclays, Goldman Sachs and Morgan Stanley in relation to the offering.

Mark Wilson, chief executive officer at Aviva, said: “This sale will be a good start to 2013 and supports our strategy to narrow focus and make Aviva a more nimble and athletic organisation.

“It will further increase Aviva’s cash and capital position, and is consistent with our focus on businesses where we can earn higher returns.”