Minority interests in Atradius for GCO

Press release

Christine Gerryn Atradius

Christine GerrynDirector
Group Communications and Commercial Development - Amsterdam

christine.gerryn@atradius.com

Amsterdam, 22 January 2010 - GCO acquires minority interests in Atradius NV

This marks the completion of the acquisition process initiated in 2003 of Atradius NV, the world’s second largest credit insurance company. As a consequence:

  • Grupo Catalana Occidente and INOC,SA have entered into an agreement to acquire the 35.8% interest held by Swiss Re, Deutsche Bank and Sal Oppenheim in Atradius NV.
  • Grupo Catalana Occidente will have an economic stake in Atradius NV post-acquisition of 74.09%, with control of 90.89% of the voting stock.
  • Grupo Catalana Occidente has a call option on the pending 9.11% shares of Atradius NV hold by INOC, SA.

Barcelona, January 22, 2010 - As a fulfillment of the acquisition process initiated in 2003 of Atradius NV, the world’s second largest credit insurance company, Grupo Catalana Occidente and INOC,SA have entered into an agreement to acquire the 35.8% interest in Atradius NV held by Swiss Re, Deutsche Bank and Sal Oppenheim.

The agreed price is €18.87 per share that will be capitalized, in base of the euribor plus 200 basis points, until the payment date.
Pursuant to the terms of the agreement, Grupo Catalana Occidente will acquire the 26.66% of Atradius NV’s share capital for approximately €400 million. Meanwhile, INOC, SA, which holds, directly and indirectly, 56.71% of Grupo Catalana Occidente’s share capital, will acquire the 9.11% of Atradius capital, for approximately €137 million.

With this acquisition, Grupo Catalana Occidente will have an economic stake in Atradius NV of 74.09%, 26.66% direct and 47.43% indirect through Grupo Crédito y Caución, SL holding company, and control of 90.89% of the voting stock.
The transaction is contingent on regulatory approval by the supervisors in Spain (the Directorate General for Insurance and Pension Funds, DGSyFP), Ireland (the Irish Financial Services Regulatory Authority, IFSRA) and the Netherlands (De Nederlandsche Bank N.V, DNB).

In addition, Grupo Catalana Occidente and INOC, SA have arranged a call option whereby Grupo Catalana Occidente is entitled to purchase shares of Atradius owned by INOC, SA, all or part, in one or more times and within the next two years.