BE Group AB (publ) (OM:BEGR) has made a fresh attempt at a takeover of Belgium's biggest insurer ageas SA/NV (ENXTBR:AGS), people familiar with the matter said. The consortium recently approached Ageas and has been trying to secure financing for a potential deal, the people said, asking not to be identified discussing confidential information. Shares in Ageas rose as much as 3.5% in early trading on January 20, 2023.

The stock was up 2.4% at 9:03 a.m. in Brussels, giving it a market value of €8.5 billion ($9.2 billion). BE Group has been chasing Ageas for some time. The insurer rebuffed an earlier approach from the investor group in the summer of 2020 without engaging.

BE Group began exploring a new pursuit the following year. Any deal would rank as one of the biggest in the European financial services sector, but little-known BE Group may face difficulty winning over stakeholders in Belgium, where Ageas is a national champion in a heavily regulated industry. Ageas shares are little changed over the past 12 months amid a wider market rout.

There has been market speculation for weeks about potential takeover interest in Ageas, including in early December on the Betaville website. Deliberations are ongoing and there's no certainty they will result in a transaction, the people said. A spokesperson for Ageas declined to comment, while a representative for BE Group couldn't be reached for comment.

BE Group's backers include ex-Lazard Ltd. banker Mark Pensaert, a Belgian national who's a member of the Rabobank NA supervisory board, and Alexandre Kartalis, a director of investment firm Advanced Credit Solutions, the people said. Kartalis previously worked at banks including UBS Group AG and Credit Suisse Group AG, according to ACS's website.