Following the announcement of 30 June 2000, the terms have been agreed for the sale of CGNU's 51% stake in its South African general insurance business, CGU Holdings Ltd ("CGUH"), to Mutual & Federal Insurance Company Limited.
Following the announcement of 30 June 2000, the terms have been agreed for the sale of CGNU's 51% stake in its South African general insurance business, CGU Holdings Ltd ("CGUH"), to Mutual & Federal Insurance Company Limited.
Based on 50,000,000 CGUH shares in issue, the offer price is R24.12 per CGUH share. This represents a premium of 56% to the weighted average closing price of R15.49 per CGUH share over the 30 trading days leading up to the 30 June 2000.
Enquiries:
Investors/Analysts
Steve Riley, Investor Relations Director, CGNU plc
+44(0)20 7662 8115
Media
Alex Child-Villiers, Financial Dynamics
+44(0)20 7269 7107
Notes to Editors
- CGNU plc is the UK's largest insurance group and the world's sixth largest insurer based on gross worldwide premiums. The group was created from the merger of CGU and Norwich Union on 30 May 2000.