|
Tuesday, September 30, 2003
John Hancock, Manulife merge
By Cherry T. Lim/Jessica G. Natad
MANULIFE Financial Corp. and John Hancock Financial Services will merge in a Cdn$15 billion (US$11 billion) transaction to create a leading global insurance franchise, according to Manulife in a disclosure to the Philippine Stock Exchange.
Under the stock-for-stock merger, John Hancock common shareholders will get 1.1853 Manulife common shares for each John Hancock common share, representing a price of US$37.60, a premium of 18.5 percent based on unaffected share prices as of Sept. 24, 2003.
Manulife’s Dominic D’Alessandro will be president and chief executive officer of the merged entity. John Hancock’s David D’Alessandro (not related) will be chief operating officer and future president of Manulife when the transaction is complete. David will remain chairman and CEO of John Hancock Financial Services, the disclosure said.
The combined company will market products under multiple brands including John Hancock in the United States and Manulife in Canada and the United States.
The merger creates the largest life insurance company in Canada and the second largest in North America,” said Manulife’s Dominic D’Alessandro.
The combined entity will have a market capitalization of US$25.6 billion, net income of US$1.4 billion and assets under management of US$246 billion as of June 30, 2003.
Interviewed by Sun.Star, Jeavelyn Tan, executive vice president-sales and marketing of John Hancock Life Insurance Corp., said: “It’s just a merger, not an acquisition, so both companies would be surviving companies.”
She said details on the effects of the merger on policyholders would be revealed later.
(September 30, 2003 issue)
Write letter to the editor. Click here.
Join the Sun.Star message board. Click here. |
|
[ return
to top ]
[ home
]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
