Ageas Tops Belgium's Blue-Chip Index After BNP Paribas Raises Stake

Dow Jones02-19

By Elena Vardon

BNP Paribas's stake increase in Ageas to more than 15% is boosting the insurer's shares, making it the best performer of Belgium's blue-chip index.

Shares in Ageas rose more than 3% in morning trading on Wednesday to around 52.25 euros to hit their highest price since mid-2021 while the BEL 20 edged up 0.15%.

The French bank--already the insurer's largest shareholder--increased its stake in Ageas to 15.07% last week, according to a transparency notification published late Tuesday. The shareholding is worth 1.44 billion euros ($1.50 billion) based on Ageas's closing price of 50.7 euros on Tuesday.

The stake increase explains why shares have been rising over the past month, ING analyst Jason Kalamboussis said in a research note to clients. "This is an unexpected move that is likely to fuel speculation of a BNP Paribas eventual takeover approach," he wrote.

BNP Paribas last year bought a 9% stake in the insurer from Chinese conglomerate Fosun International for 730 million euros via its insurance subsidiary BNP Paribas Cardif.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

February 19, 2025 04:52 ET (09:52 GMT)

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