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Zurich Owns Rival It Seeks to Buy
3 Feb
Summary
- Zurich Insurance Group holds a £100m stake in Beazley.
- Beazley has rejected multiple takeover offers from Zurich.
- Beazley operates globally with a significant London base.
Zurich Insurance Group has revealed it holds a significant stake valued at approximately £100 million in Beazley, a London-based insurer that it is actively pursuing for acquisition. This disclosure was made through a filing in accordance with City takeover regulations.
The Swiss insurance giant's revelation comes after Beazley rejected Zurich's latest offer of 1280p per share. This was the fifth rejected proposal from Zurich, with the company having previously submitted a £8.4 billion bid last June, which was also turned down by Beazley's board.
Beazley, whose shares rose 3.1 per cent following the news, has established operations not only in London but also across various international markets, including Europe, North America, Latin America, and Asia.
The filing indicated that Zurich possesses a 1.47 per cent stake in its rival, highlighting a complex dynamic in the ongoing acquisition discussions.
