Aviva (AV.L) has announced plans to sell a 15 per cent stake in Dutch insurance company Delta Lloyd for gross cash proceeds of £381 million.
 
The deal - which consists of a private placement of 25 million shares to institutional investors - is subject to shareholder approval and values the company at €17.25 per share.
 
If the deal is approved, Aviva will retain a 43.1 per cent stake in Delta Lloyd's issued share capital and 40 per cent of its voting rights.

Delta Lloyd was previously owned by Aviva subsidiary CGU International and was floated on the NYSE Euronext Amsterdam in 2009, raising £1 billion for the FTSE 100-listed insurer.