Britain's second-biggest insurer Aviva has kicked off plans to sell or close more than a quarter of its businesses by selling part of its stake in Dutch rival Delta Lloyd for £318m.
Aviva, which is aiming to regain the support of investors unhappy with its flagging share price, said it had sold 37 million shares in the business to financial institutions at 10.75 euros per share. The sale reduces its stake in Delta Lloyd to just below 20 percent from 41 percent previously.
The company said it had seen strong investor demand for the shares and had, subsequently, increased the number of shares for sale to 37 million from 25 million previously.
Aviva announced its restructuring plans on Thursday. Its weak stock market performance led to the removal of Chief Executive Andrew Moss in May.
City A.M. Reporter