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News Breaks | | | | February 1, 2013 | | 05:16 EDT |  | MET, BBVA | MetLife acquires BBVA's Chilean pension business for about $2B
MetLife (MET) announced it has entered into a definitive agreement with BBVA (BBVA) to acquire AFP Provida S.A. Under the terms of the agreement, MetLife will conduct a public cash tender offer for all of the outstanding shares of Provida, and BBVA has agreed to transfer its 64.3% stake to MetLife. Assuming all publicly-held shares are tendered, the purchase price, which MetLife will fund from its existing cash balances, would be approximately $2B. In addition to the purchase price payable by MetLife in the tender offer, Provida shareholders are expected to receive from Provida, prior to the closing, dividends representing excess cash as well as the proceeds from the sale of Provida's minority stakes in other businesses in Mexico and Peru, which are not being acquired by MetLife. The transaction also includes a small asset management business in Ecuador. | |
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News For MET;BBVA From The Last 14 Days Check below for free stories on MET;BBVA the last two weeks. |
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| May 21, 2013 | | 11:24 EDT | | MET | MetLife to merge offshore reinsurance unit into U.S. regulated entity
In a regulatory filing, MetLife disclosed that it intends to merge offshore captive reinsurer into a U.S. regulated entity. | | | 10:45 EDT |  | MET | MetLife says low interest rates may cost annuity business $2.5B, Bloomberg says
MetLife says the continued low interest rate environment may cost the company around $2.5B after three-to-five years in the U.S. variable annuity business, reported Bloomberg. Reference Link | | | May 16, 2013 | | 12:32 EDT |  | BBVA | EU bank stress test delayed until 2014 by regulator
The EBA agreed on recommendations to supervisors to conduct asset quality reviews on major EU banks. While banks’ capital positions were significantly strengthened under the EBA’s recapitalisation exercise, the objective of the asset quality exercises will be to review banks’ classifications and valuations of their assets so to help dispel concerns over the deterioration of asset quality due to macroeconomic conditions in Europe. Since appropriately reviewed balance sheets are a key input to an effective stress test, the EBA has also adjusted the timeline of the next EU-wide stress test so to conduct the exercise in 2014 once the asset quality reviews are completed. However, to ensure transparency and comparability over the years, the EBA will provide, in 2H, appropriate disclosure on the actual exposures of the EU banking sector. Reference Link | | | May 15, 2013 | | 08:39 EDT |  | MET | MetLife to host investor day
 Subscribe for More Information | | | May 13, 2013 | | 06:49 EDT | | BBVA | ECB member says negative deposit rates would help economy, Reuters says
Subscribe for More Information | | | May 9, 2013 | | 11:09 EDT |  | MET | MetLife volatility at five year lows into investor day
Subscribe for More Information | | | 10:08 EDT |  | BBVA | On The Fly: Analyst Upgrade Summary
Subscribe for More Information | | | 05:35 EDT | | BBVA | Banco Bilbao upgraded to Buy from Hold at Societe Generale
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