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Investor duel: Nuremberg Insurance in takeover poker!
Activist 7Square calls on Nürnberger Versicherung to open a competition in the takeover process with VIG. Share value increases.
Investor duel: Nuremberg Insurance in takeover poker!
The activist investor 7Square has contacted Nürnberger Beteiligungs-AG in a recent communication and is calling for a restructuring in the current takeover process. The investor demands that Nuremberg allow more competition and that talks with Vienna Insurance Group (VIG) be ended immediately. The letter to the supervisory board criticizes the weak business development in the areas of life insurance and property and casualty insurance. According to 7Square, the existing exclusive review process with VIG does not reflect the true value of the company, potentially missing out on valuable opportunities.
In its demands, 7Square emphasizes that there is also concrete interest from several strategic investors in individual business areas or possibly in the entire Nuremberg Group. The investor estimates the value of the share at up to 143 euros, which would lead to a market value of around 1.6 billion euros. After these positions became known, Nuremberg's shares in the scale segment rose by 3.2 percent to 64.00 euros. 7Square also emphasizes that a majority takeover by VIG without a mandatory offer to the minority shareholders could lead to a long-term impairment.
Sales discussions with VIG
The Nuremberg company announced on Friday that it is currently in sales talks, with the board having decided to first intensify the discussions with VIG. This sees a potential investment in Nuremberger as an opportunity for diversification in the German special market, which could support the long-term growth strategy in Central and Eastern Europe. VIG's high capital strength, which is reflected in a solvency ratio of an impressive 261 percent as of December 31, 2024, forms the basis for this planned audit.
Hartwig Löger, CEO of VIG, emphasizes that, as the market leader in Central and Eastern Europe, the company is always open to new opportunities. The takeover of Nuremberg could help diversify VIG's portfolio. In addition, VIG offers ideal conditions for securing the location and maintaining the identity of the Nürnberger brand, based on its multi-brand strategy and established local entrepreneurship.
These developments shed new light on Nuremberg's takeover process and the potential impact on the market and shareholders.