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
GUARDIAN Royal Exchange has agreed the terms of a £3.4 billion takeover bid by French insurance giant Axa. It outbid rivals Royal & Sun Alliance and Eureko, a consortium of seven European insurers, for GRE.
Leave a comment for your chance to win £20 of John Lewis vouchers.
Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!
Login to comment
Comments
No comments have been made yet.