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SNS Reaal to Acquire AXA's Dutch Insurance Operations

SNS Reaal agreed to buy AXA's Dutch insurance operations for 1.75 billion euros ($2.36 billion), the companies said in separate press statements.

SNS Reaal said it will partly fund the acquisition by issuing 350 million euros in shares, adding its majority shareholder -- a foundation called Stichting Beheer SNS Reaal -- intends to sell up to 200 million euros in shares while granting a greenshoe option of up to 50 million euros to the underwriters.

The combined offering could therefore reach 600 million euros, SNS Reaal said.

SNS Reaal and AXA agreed to a cash consideration for AXA Netherlands of 1.75 billion euros, plus accrued interest of 4% a year as from Jan 1 2007, the effective date of the acquisition.

The transaction is expected to close in the second half of this year.

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