Swiss Life strengthens German position
The Swiss Life Group has announced a deal to purchase a 26.75 per cent block of shares in German financial services provider, MLP.
At the same time, Swiss Life increased its holdings in MLP's rival, AWD, to more than 96 per cent.
Swiss Life said on Thursday it was acquiring the shares of Carsten Maschmeyer in MLP for around SFr500 million ($459 million), as well as Maschmeyer's remaining stake in AWD for SFr194 million.
In return, Maschmeyer has agreed to buy Swiss Life shares for at least SFr300 million, making him the company's biggest individual shareholder with a stake of around three per cent.
"We aim to carve out an even stronger position in the German market for independent financial advice and to intensify our cooperation," said Rolf Dörig, delegate of the Swiss Life board.
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