U.S. insurer and asset manager Principal Financial Group launched a bid on Thursday to purchase Chilean pension company AFP Cuprum for $1.39 billion as part of an expansion drive in emerging markets.Principal Financial agreed in October to use a public tender to buy Cuprum, including a 63 percent stake held by financial groups Empresas Penta and Inversiones Banpenta.The U.S. insurer and asset manager offered 36,698.44 pesos for each of Cuprum's 17,996,300 shares, Principal Financial said in an advertisement in a local newspaper.The success of the takeover bid, which starts Dec. 28 and ends Jan. 28, hinges on at least 63.44 percent of Cuprum's shares being sold to Principal Financial.
Principal Financial Group, Inc. (PFG) is a provider of retirement savings, investment and insurance products and services. Shares of PFG remained unchanged at $28.13. In the past year, the shares have traded as low as $23.09 and as high as $29.96. On average, 1707000 shares of PFG exchange hands on a given day and today's volume is recorded at 0.
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