Major shareholder dumps entire 10% stake in F&C

Dutch insurer Achmea is in the process of selling its 9.6% stake in F&C Asset Management, equivalent to some 51 million shares.

Achmea said in a statement the sale is in line with its de-risking policy and will have no effect on its relationship with F&C. F&C was previously a wholly-owned subsidiary of Achmea until 2004, and the insurer is now one of its largest clients. Achmea halved its 20% stake in the asset manager in 2007. The divestment of the remaining 9.6% stake, worth about £35m at current market prices, is expected to be settled on 20 March, Achmea said. The insurer, which changed its name from Eureko to Achmea on 1 January, had opposed activist investor Edward Bramson's ultimately successful bid ...