Insurer RSA has topped the FTSE All Share leaderboard this morning after rival Zurich Insurance confirmed it is considering a bid for the company.
The Swiss firm said on Tuesday it is "evaluating a possible offer" for the UK group, following a report in the Financial Times detailing speculation in the market yesterday. The statement sent RSA's shares up 15% to 503p in early trading, valuing the Stephen Hester-helmed company at more than £5bn. A source told the FT that Zurich was considering a bid of 550p a share, or £5.6bn - a 26% premium to RSA's Monday closing price of 437.8p. The wider FTSE 100 was also in rude health on Tuesday, following on from several days of falls and a 1.2% dip on Monday. The blue chip index was u...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
