21st Sep 2015 06:04
LONDON (Alliance News) - RSA Insurance Group on Monday confirmed an earlier statement by Switzerland's Zurich Insurance Group that the latter has pulled out of talks to acquire the UK insurer.
RSA said that as a result of the recent deterioration of trading conditions in Zurich's general insurance arm, it had decided to pull out of the talks. RSA said Zurich had confirmed its due diligence findings were in line with its expectations and it had not found anything related to RSA that would have prevented it from going ahead with the talks.
Zurich said in a short statement earlier on Monday morning that discussions with RSA about making a bid for the British insurer had been terminated, without providing any further details.
Zurich originally disclosed an interest in bidding for RSA at the end of July. It then had bid around GBP5.6 billion in a deal RSA said it was willing to recommend to shareholders.
By Sam Unsted; [email protected]; @SamUAtAlliance
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