28th Jul 2015 11:53
LONDON (Alliance News) - RSA Insurance Group PLC on Tuesday said it has not held talks or received any offer from Switzerland's Zurich Insurance Group, after shares in the company surged higher on the back of Zurich earlier confirmation that it was running the rule over the business.
Early Tuesday, Zurich said it is evaluating a potential bid for RSA. In a short statement, the Swiss insurer confirmed it is evaluating a potential offer for the FTSE 100-listed company.
It added that the announcement does not represent a firm offer to buy RSA and said there is no assurance that any offer will be made.
Later in the day, RSA said it has not held any talks or received any proposal from Zurich and said shareholders are advised to take no action.
RSA shares were trading sharply higher on the news of Zurich's interest, up 13% to 495.62 pence in early afternoon trade to be comfortably the best performer in the FTSE 100.
By Sam Unsted; [email protected]; @SamUAtAlliance
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