The reinsurer Swiss Re Finance Midco has reduced its stake in the Phoenix Group savings and provision business. The company has a stake of approximately 6.6% for 437 million through an accelerated “book build” process. ReAssure continues to face outrage from consultants over poor service This morning it confirmed that it had 66 million common shares of Phoenix’s share capital at a price of. sold 660 pence per share. After the completion of the secondary placement, Swiss Re still holds 66 million shares. The remaining Phoenix shares are subject to a 90-day lock-up period. The company has appointed Merrill Lynch International, Citigroup Global Markets Ltd and HSBC Bank PLC as joint global coordinators and joint bookrunners. Exclusive: Ex-Old Mutual Protection Arm Closes New Deal In a stock market announcement published this morning, it is said that the relationship agreement concluded as part of the ReAssure deal is ending due to the decline in Swiss Re’s stake in Phoenix below 10%. Christopher Minter, Swiss Re’s representative on the Phoenix Board of Directors, will also step down. Phoenix will not receive any proceeds from the sale of the shares.
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