Corporate News

Talanx places shares to increase its free float and enhance the trading liquidity of its shares – position in equity indices strengthened

  • Placement price: EUR 61.50 per share
  • Talanx places 4,878,048 new shares from a capital increase with a total value of approx. EUR 300 million with institutional investors by way of an accelerated bookbuilding process
  • Majority shareholder HDI V.a.G. is also selling a further 1,626,016 Talanx shares worth approx. EUR 100 million from its own holdings
  • Free float will rise from 21.1 percent to 23.3 percent, strengthening Talanx’s membership in equity indices
  • New shares expected to start trading on the Frankfurt Stock Exchange/Hannover Stock Exchange on 27 September 2023

Talanx AG (“Talanx”) successfully completed the capital increase announced today, thus increasing its free float, enhancing the trading liquidity of its shares and further strengthening its position in equity indices. 4,878,048 new shares from authorised share capital under simplified exclusion of subscription rights were placed with institutional investors using an accelerated bookbuilding process at a price of EUR 61.50 per share. The 1,626,016 Talanx shares from the holdings of Talanx majority shareholder HDI V.a.G. that were also offered were placed on the same terms, reducing HDI V.a.G.’s shareholding in Talanx’s to 76.7 percent. The new shares to be issued will bear dividend rights as from 1 January 2023. Once the transaction has closed, Talanx’s free float will increase to 23.3 percent.


“Demand for our shares was excellent. This not only confirms our attractive business model and our operating strength, but also shows that our shares still have potential. We hope that our higher free float will have positive effects on daily trading in, and turnover of, our shares, and that it will strengthen the stock’s position in a number of indices. All in all, we have now laid the foundations for more investors to invest in our shares”, said Dr Jan Wicke, the Talanx Group’s CFO.

A total of 6,504,064 shares with a value of approx. EUR 400 million were sold to institutional investors in Europe and the USA in particular. The placement price was EUR 61.50 per share.

The Company will receive gross proceeds of approx. EUR 300 million from the capital increase.

The funds will also further enhance the already solid capitalization of the Group to support further organic and inorganic growth in line with the disciplined approach for the execution of strategic acquisitions.

Talanx is also reaffirming its earnings guidance for the current year and its medium-term goals, also on the basis of the increased equity base going forward. This applies in particular to the target dividend payments to shareholders. Talanx continues to plan to pay its shareholders a dividend of more than EUR 2.00 per share for the financial year 2023. The expected positive effects in relation to the recent acquisition of Liberty Mutual in Latin America are not yet reflected in these medium-term-goals, which are set to achieve a profit of EUR 1.6 billion by 2025.

Berenberg acted as Sole Global Coordinator and Sole Bookrunner for the share placement.

Important notice

This announcement may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Canada, Japan or Australia or any other jurisdiction where such announcement could be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not constitute an offer of, or a solicitation of an offer to purchase, securities of Talanx Aktiengesellschaft or of any of its subsidiaries in the United States of America, Germany or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer in any jurisdiction. The securities offered will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act.

In the United Kingdom, this announcement is only directed at persons (i) who are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order"), (ii) are falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) or (iii) to whom it may otherwise be lawfully communicated (all such persons together being referred to as "Relevant Persons")). This document must not be acted on, or relied upon, by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area and the United Kingdom the placement of securities described in this announcement (the "Placement") is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (Prospectus Regulation).

No action has been taken that would permit an offering or an acquisition of the securities or a distribution of this announcement in any jurisdiction where such action would be unlawful. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement does not constitute a recommendation concerning the Placement. Investors should consult a professional advisor as to the suitability of the Placement for the person concerned.

This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Talanx Aktiengesellschaft ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Talanx Aktiengesellschaft and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

Information to Distributors

Pursuant to EU product governance requirements, the shares have been subject to a product approval process, under which each distributor has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II. Any distributor subsequently offering the shares is responsible for undertaking its own target market assessment in respect of the shares and determining appropriate distribution channels.


This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s control, affect Talanx AG’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialise, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.