German Talanx subsidiary to buy 25 pct of Vietnam insurer

A subsidiary of Germany's third-biggest insurer, Talanx , has agreed to buy a 25 percent stake in the enlarged share capital of Vietnam's PVI Holdings for 1.92 trillion dong ($92 million), PVI said on Wednesday.

The transaction with HDI-Gerling Industrie Versicherung AG is expected to take place before the end of the year, pending local regulatory approval, and another Talanx firm, Hannover Re (HNRGn.DE), will provide support, PVI said in a statement.

The agreed purchase price was 36,000 dong per share, it said.

PVI stock rose 5.13 percent on Wednesday to 16,400 dong in trading that ended before the announcement of the agreement.

PVI Holdings, a Hanoi-listed subsidiary of state oil and gas group Petrovietnam, is the leading non-life and industrial sector insurer in Vietnam, with a 24 percent market share and gross written premiums in 2010 of $183 million, the statement said.

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