Aviva’s float of Dutch arm set to spark fees bonanza

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Aviva said in August it was looking at listing Delta Lloyd on Euronext, selling between 30% and 49% of the company to outside investors in the process. It owns 100% of the shares in the company but only 92% of the voting rights as a result of an arrangement with a charitable trust.

Today Aviva said it expected the float to be completed in November, several months sooner than sector-watchers were expecting.

Analysts said the company is looking to take advantage of buoyant stock-market conditions.

The insurer is likely to raise up to £1 billion from the sale of its stake. Morgan, Goldman and some smaller investment banks working on the Dutch side of the deal, can expect to share around 2% of the proceeds.

A statement said the float would "bring the flexibility to pursue balance-sheet restructuring opportunities or to explore other opportunities for growth".

Delta Lloyd offers life assurance, general insurance, fund management and banking to customers in Holland and Belgium.

The float is likely to be the biggest public offering of the past 18 months.

The market for initial public offerings dried up in the wake of the Lehman Brothers collapse. The total value of IPOs in Europe was under £13 billion in 2008, down 83% on 2007, according to research from PricewaterhouseCoopers.

This morning Aviva shares were off 5.7p at 446.9p.