Dai-ichi Life considers share issue to fund part of Protective Life buy: Source

Tags: Companies
Japanese insurer Dai-ichi Life Co is considering the possibility of issuing shares to raise funds if it successfully concludes advanced talks to buy Protective Life Corp of the United States, a source with direct knowledge of the matter said.

Dai-ichi Life, Japan's second-largest private-sector life insurer, is planning to fund half of the acquisition of the US insurer - likely to be worth over $5 billion - from existing reserves, said the source, who was not authorised to discuss the matter publicly. The rest of the acquisition cost would come from funds raised externally, including a possible share issue, the sourse said.

The Japanese company plans to buy 100% of Birmingham, Alabama-based Protective Life, said the source.

Dai-ichi Life declined to comment.

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