Insurer Zurich admits it owns £100m stake in London-listed rival Beazley, which it’s attempting to purchase
Zurich Insurance Group has revealed it owns a stake worth about £100million in a London-listed rival it is trying to buy.
In a filing under City takeover rules, the Swiss giant revealed it has a 1.47 per cent holding in Lloyd’s of London insurer Beazley.
The disclosure came after Beazley last month rejected a 1280p-per-share offer from Zurich.
That was the fifth offer Zurich had made for the company – and £700million less than the £8.4billion it proposed last June. That bid was also rejected by the Beazley board.
Beazley is based in London and has operations in Europe, North America, Latin America and Asia.
Its shares rose 3.1 per cent.
Stake: In a filing under City takeover rules, the Swiss insurance giant Zurich revealed it has a 1.47% holding in Lloyd’s of London insurer Beazley
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