Zurich launches the sale of its stake in New China Life Insurance Company Ltd. Mittwoch, 20. November 2013 - 11:03
Zurich launches the sale of its stake in New China Life Insurance Company Ltd.
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE SALE SHARES OR ANY OTHER SECURITIES IN THE UNITED STATES OF AMERICA OR ELSEWHERE.
Zurich, November 20, 2013 – Zurich Insurance Group (Zurich) announces that Zurich Insurance Company Ltd (the Company), a wholly owned subsidiary of Zurich, has launched the sale of its holding of 292,500,000 H shares (the Sale Shares) in New China Life Insurance Company Ltd. (NCI), representing 9.4% of the total issued share capital of NCI. The sale of the Sale Shares is being carried out by way of a block trade conducted on the Hong Kong Stock Exchange.
The Company has today entered into an Anchor Investment Agreement with an investor for the sale of 152,857,800 H shares, representing in aggregate 52.3% of the Sale Shares.
In addition, the Company has also today entered into a Placing Agreement with international investment banks (the Bookrunners) who have agreed to procure investors for the remaining Sale Shares through a bookbuilding process and to underwrite the sale of those remaining Sale Shares at a minimum price or such higher price that is achieved through the bookbuilding process and agreed by the Company. All Sale Shares will be sold at the same price.
The sale and purchase of the Sale Shares under the Anchor Investment Agreement and the Placing Agreement are conditional on each other and otherwise subject to customary conditions and termination events. Subject to these conditions being satisfied, completion of the sale is expected to take place on November 25, 2013.
No assurance can be given that the Company and the Bookrunners will agree a sale price in excess of the minimum price and that all of the conditions are satisfied. Zurich will make a further announcement in due course.
Further information
To get instant access to Zurich’s news releases, calendar and other corporate publications on your iPad or iPhone please go to your App Store and get the free Zurich Investors and Media App
Zurich Insurance Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. It offers a wide range of general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations. Zurich employs about 60,000 people serving customers in more than 170 countries. The Group, formerly known as Zurich Financial Services Group, is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
General Notice
The information contained in this news release is restricted and not for release, publication or distribution, directly or indirectly, in whole or in part, in, into or from the United States of America or any other jurisdiction in which the same would be unlawful. This news release is for information purposes only and does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire the Sale Shares in the United States of America, Switzerland, Hong Kong or any other jurisdiction. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. The Sale Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (Securities Act) or with any securities regulatory authority of any state or jurisdiction of the United States of America, and may not be offered, sold or transferred, directly or indirectly, in the United States of America absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States of America. No public offering of the Sale Shares is being made in the United States of America, Switzerland, Hong Kong or elsewhere.
The distribution of this news release and the offering of the Sale Shares in certain jurisdictions may be restricted by law. No action has been taken by Zurich, the Company or the Bookrunners that would permit an offering of such shares or possession or distribution of this news release or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this news release comes are required by Zurich, the Company and the Bookrunners to inform themselves about, and to observe, such restrictions.
The information in this news release may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.
Contact Zurich Insurance Group Ltd Mythenquai 2, 8022 Zurich, Switzerland www.zurich.com SIX Swiss Exchange/SMI: ZURN, Valor: 001107539
Media Relations phone +41 (0)44 625 21 00, fax +41 (0)44 625 26 41 twitter @Zurich media@zurich.com
Investor Relations phone +41 (0)44 625 22 99, fax +41 (0)44 625 36 18 investor.relations@zurich.com