INSURER Swiss Life Holding announced plans yesterday to make a 1.9-billion Swiss franc (US$1.68 billion) takeover offer for German financial services provider AWD. Switzerland's largest life insurer said it will offer AWD shareholders 30 euros (US$44.28) per share in January. The deal, which requires regulatory approval, has the support of AWD's board as well as the company's founding family, which still holds a 20 percent stake, Swiss Life said. The company's chief executive Rolf Doerig said in a conference call that the takeover would give Swiss Life access to rapidly growing markets in central and eastern Europe, as well as enable it to make cost savings of 50 million Swiss francs annually. Swiss Life recently sold its business in Belgium and the Netherlands as well as its banking unit Banca del Gottardo for about 4.4 billion Swiss francs. The firm will press ahead with a planned share b...

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