Aviva mandates Barclays to find buyers for Turkish insurance arm

UK insurer Aviva Plc (LON:AV) has picked Barclays Plc (LON:BARC) to assist it in selling its Turkish non-life insurance unit Aviva Sigorta AS, according to media reports today.

Aviva, which had announced a strategic review of its Turkish business in November 2012, refused to make a comment when approached by news agency Reuters..

According to one of the people, the sale process would be hard as the target has no banking distribution channel. Yet, Aviva Sigorta could attract buyers who are seeking small-medium assets.

Aviva Sigorta has a market value of TRY735m (USD416m/EUR311.4m), based on its stock price of TRY4.90 today.

Dutch TNT Express seeks buyers for Brazilian and Chinese operations

Netherlands-based TNT Express NV (AMS:TNT) is looking at divestment opportunities for its operations in Brazil and China, the express delivery company’s interim CEO Bernard Bot said in a financial results statement on Monday.

The executive noted that the outcome for the Chinese activities will soon be determined.

The company reported a fourth-quarter net loss of EUR148m (USD197.5m) a few weeks after the European Commission (EC) banned the USD7bn (EUR5.2bn) tie-up with US package delivery group United Parcel Service Inc (NYSE:UPS).

Bot stressed there are many positive options through which the company may bolster its profitability. A full update will be made on 25 March 2013, he added.