[Korea gimmingyeong financial newspaper reporter] KB Insurance was reborn as a fully owned subsidiary of KB Financial Group. As the listing of KB, KB Financial Group Insurance abolished at the same time promote the public tender and the stock exchange for the entire holdings of the shareholders and dalraet a complaint, but the union is still resisting extreme conditions.
KB Financial Group today announced the first proceed to a tender offer at the price of 33,000 won for the entire holdings of the KB Insurance shareholders to apply for a tender next month on the 12th for the promotion KB Insurance wholly owned subsidiary.
Tender prices are published the same day (14) Based on the closing price compared to the price offered a premium of about 17.9% over the past 52 weeks highest level and the tender is based on PBR (PBR) is on par with industry rivals as 0.9 times.
Tender procedure, after it may exercise the shareholders' general meeting date of June 15 KB Insurance shares per share of KB Financial Group, or exchanged at a ratio of 0.57287 1 copies available stock exchange or stock appraisal rights per share 27,495 won before .
KB Financial Group through this process will be completed by incorporating a wholly owned subsidiary holds 100% of all the shares of KB Insurance until July 3.
KB liability insurance are expected to be more robust the financial stability due to a wholly owned subsidiary incorporated.
First, assess the future most of the insurers against such IFRS17 and new RBC system be introduced that although issuance, etc. subordinated debt KB life insurance reserves funding and procurement capacity dwaetdaneun able to take advantage of a variety of capital raising measures through the highest level of KB Financial All.
Not only is this recapitalization process, stakeholders have become less rapid decisions can be expected, such as capital management be equipped with the highest level of financial strength and stability in the insurance industry, which is increasingly important in.
In addition to the group becomes your affiliate cooperation between the robust continually pursued ohdeon seems to be a group synergies accelerating. This is the plan to build a differentiated product and channels around the customer in the insurance market hit the limit of insurance products based on marketing offers a new integrated financial services.
The decisions of these companies Insurance KB unions were castrated resisting it.
Director Financial Services union KB Insurance Branch said Among the △ procedural issues △ low tender River △ coercive worsening members working conditions due to management △ excessive dividend potential △ KB dependency of casualty insurance to holding management, including as to the current situation I went asking for clarification of management. It is the lack institutional mechanism to counterbalance the greed and tyranny of the majority shareholder when the company is privately held and why.
In addition, the tender offer price of 33,000 won is when considering the fair enterprise value undervalued amount is This KB Financial Group is 300 billion is estimated to reap the bargain purchase gain of approximately 'said' KB 3000 the Financial Group will gain behind billion was sustained blood and sweat of hard work and dedication of KB Insurance employees' he said.
KB Insurance union said it had to be before it would continue to raise the issue through the legal review is required immortal even when the struggle associated with delisted.
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