Minority interests in Atradius for GCO

Press release

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.

Disclaimer

The statements made herein are provided solely for general informational purposes and should not be relied upon for any purpose. Please refer to the actual policy or the relevant product or services agreement for the governing terms. Nothing herein should be construed to create any right, obligation, advice or responsibility on the part of Atradius, including any obligation to conduct due diligence of buyers or on your behalf. If Atradius does conduct due diligence on any buyer it is for its own underwriting purposes and not for the benefit of the insured or any other person. Additionally, in no event shall Atradius and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental, or consequential damages arising out of the use of the statements made information herein.