11th May 2015 15:36
LONDON (Alliance News) - Chesnara PLC Monday said it has received a Declaration of No-Objection from Dutch regulator De Nederlandsche Bank with regards to its acquisition of Waard Group in the Netherlands.
Chesnara announced its intention to buy Waard Group for GBP55.1 million in December, financed by a successful share placing of GBP35.7 million and cash reserves.
The Waard Group consists of the Netherlands-based insurance subsidiaries of DSB, namely Waard Leven, HW Leven, Waard Schade, and Tadas, with HW Leven being a wholly-owned subsidiary of Waard Leven.
DSB is a privately-owned Dutch financial services group which entered bankruptcy in 2009.
Completion of the acquisition is expected by May 29, Chesnara said.
Shares in Chesnara closed up 1.6% at 325.00 pence Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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