7th Sep 2015 13:49
LONDON (Alliance News) - Zurich Insurance Group AG has arranged GBP5.5 billion in financing in connection with a potential takeover of London-listed rival RSA Insurance Group PLC, Bloomberg News reported on Monday.
The report, which cited people with knowledge of the plan, said the move signals that Zurich is "getting closer" to proceeding with a formal offer for RSA.
According to Bloomberg News, Zurich has arranged the loans through Morgan Stanley, Citigroup Inc, HSBC Holdings PLC, Deutsche Bank AG, UBS Group AG and Lloyds Banking Group PLC.
Zurich would probably repay the bridge financing by selling securities if the deal goes ahead, the report said.
RSA shares were up 1.4% at 505.50 pence on Monday afternoon.
http://www.bloomberg.com/news/articles/2015-09-07/zurich-said-to-arrange-8-4-billion-bank-financing-for-rsa-bid
By Samuel Agini; [email protected]; @samuelagini
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