Aviva looks to raise £1.1bn with big insurance sell-off

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The share sale, the largest in western Europe this year, kicked off with investment banks Goldman Sachs and Morgan Stanley leading the bookbuilding over the next fortnight. Dealings in the shares, which will be priced between 15.50 and 19, will start on 5 November.

Aviva said the sell-off would enable it to look at restructuring its balance sheet and "further growth opportunities".

Depending at which end of the indicated share price range the offer goes, Delta Lloyd will have a total market value of 2.6 billion to 3.1 billion.

That is a substantial discount to the Europeanwide accountancy valuation of Delta Lloyd's underlying business, which was today stated at 4.1 billion.

Aviva will keep a 57% stake in the business but will have only 53% of its voting rights.