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Fortis, the Belgian Dutch banking insurance and financial services group, is set to acquire Holland’s ASR Verzekeringsgroep, one of the country’s largest insurers, through a public cash and stock offering.

ASR shareholders will receive three Fortis shares for each ASR share and approximately €3.70 ($3.22 ) in cash.

The new group, to be known as AMEV Stad Rotterdam, would become the largest insurer in the Dutch market. ASR had premium income of approximately € 2 billion ($1.75 billion) in 1999.

Topics Mergers & Acquisitions Carriers