Zurich drops £5.6bn RSA Group bid

Carmen Reichman
clock

Zurich has withdrawn its £5.6bn bid for rival firm RSA group after suffering losses in its general insurance business.

Zurich first announced it was evaluating a potential offer for RSA on 28 July. It revived its attempt to acquire the rival business with a new proposed cash offer of 550p per share in August. But on 21 September it said: "Discussions with RSA have now been terminated. Zurich does not intend to make an offer to acquire the entire issued and to be issued ordinary share capital of RSA." Shares in RSA, which is run by former RBS boss Stephen Hester, had been trading firmly below the 550p mark at about 517p at the time of the August cash offer. But RSA told investors the termination ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Retirees shun financial advice and take DIY approach to finances

Retirees shun financial advice and take DIY approach to finances

Four in five of over 55s who have retired, did so without financial advice

Sahar Nazir
clock 29 April 2024 • 1 min read
More than money: Putting your clients on the right track

More than money: Putting your clients on the right track

'In truth, financial advice is so much more than just money'

Roger Brosch
clock 29 April 2024 • 4 min read
Plugging the support gap in retirement 'not FCA's role'

Plugging the support gap in retirement 'not FCA's role'

Majority of professionals say FCA should not have to plug support gap

Sahar Nazir
clock 29 April 2024 • 1 min read