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MetLife Gains As NN Group Interested In Insurer’s Europe Business

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By Dhirendra Tripathi

Investing.com – MetLife (NYSE:MET) rose more than 1.5% during Monday’s trading after Netherlands-based NN (NASDAQ:NNBR) Group offered to buy some of the insurer's European businesses.

“NN Group has made an offer to acquire part of MetLife’s businesses in Europe. In line with our strategy, this is considered an opportunity to consolidate our leading positions in attractive growth markets in which NN is already active,” the Netherlands-based asset manager said in a note Sunday.

NN did not provide details of the offer, but Bloomberg reported it is willing to pay about $740 million for the assets.

New York-based MetLife is seeking to streamline its global business. Its operations in Europe, the Middle East and Africa reported adjusted earnings of $327 million in 2020, up from $282 million in 2019.

The offer comes as NN, which has been facing pressure from activist Elliott Investment Management to unlock value for shareholders, pursues a sale of its asset management arm, according to Bloomberg.

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