Dutch pension provider Mn Services and Syntrus Achmea, the pension division of Rabobanks Eureko insurance subsidiary, are in advanced merger talks that could create a combined business with about €110 billion ($175 billion) in total assets under management, Mn spokesman Geert-Jan Cath confirmed. Negotiations began in November. Officials at both firms hope to announce an agreement in the second half of May.
We are looking at different forms of cooperation, Mr. Cath added. We believe that members can benefit from the combined purchasing power and (investment) knowledge of the two companies.
Mn Services has about €65 billion in assets under management, while Syntrus Achmea runs about €45 billion. The merger talks were sparked by the 2007 appointment of Mn Services as fiduciary manager for the €22 billion PME, Schiphol, Netherlands, the assets of which had previously been managed by Syntrus Achmea, according to those close to the talks.
Neither Rabobank spokesman Raymond Salet nor Guus Wouters, chairman of Syntrus Achmea, could be reached for comment by press time.