EUREKO SAID TO PLAN LISTING IN LONDON AND AMSTERDAM

European financial services group Eureko plans to float within two years, with a dual listing in London and Amsterdam, as part of a radical restructuring of the consortium, the Dutch daily De Volkskrant has reported. Eureko, Europe’s fifth largest insurance group, had said on Thursday (June 29) that it would make a major announcement about its future today. The newspaper said that the Eureko move would create an expanded financial services company with a market value of up to Fl 20bn, helping Eureko to make acquisitions. Netherlands-based bankassurer Achmea will have a 71% stake in the new Eureko with Banco Comercial Portugues taking 11% of the equity, the newspaper said. Eureko is currently owned by Achmea Holding, Banco Comercial Portugues, the UK’s Friends Provident, Sweden’s LF group, France-based MAAF Assurances, Germany’s Parion, Swiss Mobiliar and Denmark’s Topdanmark. The group, established in 1992, has attempted to grow through acquisition, but failed in 1998 to buy French-based GAN and was last year beaten by AXA Sun Life in a struggle for control of UK insurer GRE. It holds a 20% stake in Poland’s dominant insurer PZU.