Reuters: Deals: Ageas plans internal merger, reverse stock split

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Ageas plans internal merger, reverse stock split Mar 29th 2012, 05:54 BRUSSELS | Thu Mar 29, 2012 1:54am EDT BRUSSELS (Reuters) - Belgian insurer Ageas (AGES.BR) said on Thursday it intended to merge its Dutch and Belgian arms and to carry out a 10 to 1 reverse stock split, final steps in its plan to simplify its business. Ageas, the remains of bailed-out Belgian-Dutch financial services group Fortis, said all assets of Dutch entity Ageas NV would be transferred to Belgian entity Ageas SA/NV and Ageas NV shareholders would receive shares in Ageas SA/NV. After this merger, the total number of such shares and VVPR strips would be divided by 20, meaning there would be 240 million shares and some 60 million strips. Ageas said the moves reflected the fact that the focus of Ageas's insurance activities was Belgium, Britain, continental Europe and Asia, but no longer the Netherlands, and a desire to simplify the regulatory and accounting structure. The merger and reverse stock split are subject to approval of extraordinary shareholder meetings on June 28 and 29 and would be effective on August 7.

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