The French insurance group made its bid through its UK subsidiary Sun Life and Provincial Holdings, in which it holds a 71.6% stake. GRE announced it had accepted the bid on February 1. GRE shareholders will be offered cash and shares in Sun Life and Provincial, which will become the third largest UK insurer behind CGU and Royal & Sun Alliance.
Axa agrees on £3.4bn takeover terms for GRE
03/02/1999 in NEWS