UPDATE: Swiss Life In Talks With Talanx On MLP Stake
March 13 2009 - 3:29AM
Dow Jones News
Swiss Life Holding AG (SLHN.VX) Friday said it is in talks with
German insurer Talanx AG about its stake in MLP AG (MLP.XE), as it
seeks to resolve its conflict with the German financial services
company.
Swiss Life, which holds a 24% stake in MLP, wants to reduce this
to under 10% in an attempt to revive its cooperation with the
German company, according to reports.
Swiss Life had taken a stake in MLP in an attempt to broaden its
business in Germany and Eastern Europe, but this backfired when MLP
proved an unwilling ally. In November, MLP said it would
discontinue its product distribution deal with the Swiss
insurer.
On Friday, Swiss Life said that striking a deal with Talanx is
one of several options it is considering and that no decision has
been made yet.
According to reports, Swiss Life would transfer to Talanx nearly
10% of its holding in MLP and Talanx would obtain a 10% stake in
Swiss Life. Swiss Life declined to comment.
The company said it wants to resolve the situation as soon as
possible and will at any rate update the market on March 24, when
it reports 2008 earnings.
Swiss Life shares closed Thursday at CHF54.95, down 24% since
the start of the yeear.
Company Web site: www.swisslife.com
-By Hans Schoemaker, Dow Jones Newswires; +41-43-4438045;
hans.schoemaker@dowjones.com
Harley Davidson (NYSE:HDI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Harley Davidson (NYSE:HDI)
Historical Stock Chart
From Oct 2023 to Oct 2024