International insurance group Ageas has revealed it has declined a takeover approach from the BE Group.
The insurance group, which said it was approached by representatives of the funding agency with an “indicative and highly conditional” offer, considered the move as “not realistic” and thus decided to not engage with further discussions.
As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market.
It also operates insurance businesses in Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors.
In a statement Ageas said: “In response to media reports, Ageas confirms that it was approached recently by representatives of BE Group with an indicative and highly conditional offer on Ageas. The Ageas board of directors assessed the indicative proposal but considered it not realistic and has decided not to engage.”