CNP Assurances: failure of acquisition project.

(CercleFinance.com) - CNP Assurances has announced the end to its planned purchase of a 51% stake in Pan Seguros and Pan Corretora from Banco BTG Pactual (BTGP), a project that was announced on 21 April 2016.


As indicated at the time, the completion of this acquisition was subject to various conditions precedent. As some of these were not met, CNP Assurances and BTGP noted that this agreement lapsed.

For the record, this deal was aimed at reinforcing the insurer's presence in Brazil, its second largest market after France. The planned purchase price was 700 million reals, or approximately 173 million euros.

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