Aviva says rejects 5.0 billion-pound bid for part of insurer

16th August 2010, Comments 0 comments

British insurer Aviva said Monday it had rejected a takeover bid for part of its business from rival RSA worth 5.0 billion pounds (6.0 billion euros, 7.8 billion dollars) in cash.

The proposal was for its general insurance businesses in Britain, Ireland and Canada while the takeover would have been funded by RSA issuing new shares, Aviva said in a statement.

"The board of Aviva considered the proposal carefully in conjunction with its advisers and is convinced that the highest value to shareholders will be delivered by retaining these businesses within the group," it added.

© 2010 AFP

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