Reuters: Financial Services and Real Estate: Poland wants Germany's Talanx to list in Warsaw

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Poland wants Germany's Talanx to list in Warsaw Mar 30th 2012, 12:11 WARSAW, March 30 | Fri Mar 30, 2012 8:11am EDT WARSAW, March 30 (Reuters) - Poland's financial watchdog is trying to persuade Germany's Talanx to get a secondary listing on the Warsaw bourse before it agrees to takeovers that will make the company Poland's second-largest insurer. Talanx, Germany's third-biggest insurance group which is considering an initial public offering (IPO), is in the process of buying Polish insurers Europa and rival Warta. Both deals are waiting for regulator KNF's approval. The Europa deal is a joint bid with Japan's Meiji Yasuda Life. "We've recently had a good talk with Talanx representatives," KNF chief Andrzej Jakubiak told Reuters. "We asked them if it were possible for Talanx to list parallely in Warsaw." Jakubiak, who took office last year, is trying to promote Warsaw listings by foreign companies in an attempt to boost Eastern Europe's largest bourse. Earlier this month, he urged the euro zone's top lender Banco Santander to get a secondary listing in Warsaw as part of its drive to create Poland's No.3 bank. Talanx's Polish acquisitions will create a strong challenger to the country's No.1 insurer PZU and reduce the German firm's dependence on domestic business and reinsurance. Last week, Chief Executive Herbert Haas said Talanx, which also owns a 50.2 percent stake the world's third-biggest reinsurer, Hannover Re, felt well-prepared for an IPO, but gave no further details. Talanx has touted the possibility of an IPO for more than a decade. Talanx, which has its roots in European industrial insurance with brands like HDI and Gerling, has been expanding internationally, buying companies in Argentina, Uruguay, and Mexico. Despite big damage claims that hit the insurance industry last year, the German group posted its second-biggest profit and achieved return on equity of 10 percent. (Reporting by Pawel Sobczak; Writing by Adrian Krajewski; Editing by Erica Billingham) Link this Share this Digg this Email Reprints

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