**The insurer Aviva has announced that it is going to sell a minority stake in its Dutch subsidiary Delta Lloyd on the Amsterdam stock exchange.**It is expected to sell between 30% and 49% of the unit, which is valued at 4.3bn euros ($6.3bn; £3.9bn).
The price-tag of over £1bn means it is likely to be Europe’s biggest public offering for at least 18 months.
Aviva expects to publish a prospectus later this month and complete the sale in November.
Aviva owns 100% of the shares in Delta Lloyd, but only 92% of the voting rights as a result of an arrangement with a charitable trust.
Delta Lloyd operates mainly in the Netherlands and Belgium and also uses the OHRA and ABN Amro Insurance brands.
It offers life insurance, general insurance, fund management and banking services.
Aviva said in a statement that it planned to use the money raised to “pursue balance sheet restructuring opportunities or to explore other opportunities for growth”.