Nethys management denies having rejected Integrale’s takeover offer

According to Setca Liège, Nethys’ directors on Integrale’s board on Friday rejected a last-minute takeover offer. “A CA where somewhat surprisingly, and which strongly challenges us, the directors of Nethys did not want to give a chance to a proposal, certainly last minute but appearing serious, to take over the entire company “, Had thus deplored Julien Dohet, political secretary of the socialist union.

Friday evening, the board of the Liege insurer had however announced to have received an offer of a candidate buyer.

And on Saturday evening, the management of Nethys wanted to dispute the Setca’s version of events. The directors of Nethys have not rejected the offer but have not approved it for the moment either, she adds.

“The management of Nethys will examine and will continue to examine all the offers that arrive for the takeover of Integrale,” she said. She also had several contacts this Saturday “with the aim of meeting soon the fund which introduced a last-minute offer and of which the Board of Integrale was informed on Friday in session”.

Nethys concludes by saying he understands the distress that lives in the workers of the insurer.

The Nethys subsidiary has an urgent need for additional capital because it does not meet the solvency requirements of the National Bank. Its solvency ratio – which indicates the amount of equity the insurer needs to meet its commitments – fell below 100% at the start of the year. The company focuses almost exclusively on group and life insurance. In times of very low interest rates, this makes the insurer even more vulnerable.

After a previously rejected stimulus package, Integrale was given an additional deadline until October 27 to submit a new one to the National Bank.



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