In a company announcement last week, MAPFRE Internacional said that it has increased its majority shareholding in Middlesea Insurance plc.

In July, MAPFRE acquired a controlling interest in Middlesea following the acquisition of Middlesea shares from Munich Re.

Upon becoming a majority shareholder in Middlesea, in line with the listing rules, MAPFRE issued a Mandatory Bid to the other shareholders of the company.

MAPFRE issued its offer document on 11 August, giving the opportunity to all the other minority shareholders to either maintain their existing shareholding in the company or to sell it to MAPFRE.

The acceptance period of the bid started on 29 August and was concluded on 26 September.

A total number of 780 shareholders, equivalent to 3.585 per cent of the total shareholding of the company, accepted the bid and opted to sell their shareholding to MAPFRE at the bid price.

As previously announced, Bank of Valletta (the other major institutional shareholder in the company) retained its full shareholding in the company of 31.08 per cent and did not participate in the bid.

Pursuant to the shareholders’ participation in the bid, the current shareholding structure of Middlesea is as follows:

• MAPFRE Internacional SA 54.56 per cent

• Bank of Valletta plc 31.08 per cent

• Public 14.36 per cent.