UBS Remains in Race for Dutch Asset Manager
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The Swiss bank is among the suitors remaining for Dutch asset manager NN. The competition for NN is strong – but UBS may have an ace up its sleeve.
The sale of Dutch money manager NN is entering the next round with UBS, DWS, Prudential, and U.S.-based Nuveen submitting bids. None of the reported suitors nor the target commented.
The potential acquirers are in the midst of due diligence, according to the newswire, though the deadline to place bids for the 300 million euro ($363 million) asset manager is July 1. The other firms which had expressed interest in buying – including Allianz, Generali, and The Royal London Group – have retreated.
NN aims to take in as much as 1.6 billion euros by selling. UBS has somewhat of an inside track on NN because ING spun it off in 2014 – under then-CEO Ralph Hamers, who moved to the UBS top job last November.
Questions & Answers
Q.Which companies are still in the running to acquire NN?
Which companies are still in the running to acquire NN?
UBS, DWS, Prudential, and U.S.-based Nuveen have submitted bids and remain in the competition to acquire the Dutch asset manager NN. Other firms that expressed interest have since retreated.
Q.What is the deadline for submitting bids for NN?
What is the deadline for submitting bids for NN?
The deadline for placing bids for the Dutch asset manager NN, valued at 300 million euros ($363 million), is set for July 1. Potential acquirers are currently conducting due diligence.
Q.Why might UBS have an advantage in acquiring NN?
Why might UBS have an advantage in acquiring NN?
UBS may have an inside track because NN was spun off from ING in 2014 when Ralph Hamers was ING's CEO. Hamers subsequently moved to the top job at UBS last November.
Q.How much does NN aim to raise from the sale?
How much does NN aim to raise from the sale?
NN aims to generate a substantial amount from its sale, with the company hoping to take in as much as 1.6 billion euros from the transaction.
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