Credit insurer, Allianz Group has completed the last steps to become the sole owner of Euler Hermes.

Following the completion of the simplified tender offer the legal conditions were met and Allianz has implemented a squeeze-out on the remaining shares of Euler Hermes it did not hold yet, followed by the delisting from Euronext Paris on the very same day.

Allianz announced that it will have invested 1.85 billion euros in this transaction with the objective of strengthening its positions in core home markets.

Wilfried Verstraete, Chairman of Euler Hermes Management Board said “Together, we embark on a continuous transformation of our Group. We will succeed together, thanks to a strong mindset of collaboration, innovation and entrepreneurship. In this new direction, each employee will have a concrete role to play, and we will benefit from the help and support of the whole Allianz Group: there’s never been a better time to reinvent trade finance!”