Live, rolling coverage of business, economics and financial markets as FTSE 100 insurer agrees takeover of smaller rival
Good morning, and welcome back to our love coverage of business, economics and financial markets (after a two-day break).
FTSE 100 insurer Aviva has agreed to buy rival Direct Line in a £3.6bn cash and shares deal after a sweetened offer.
The Direct Line board believes that, in addition to the attractive headline value per share, the combination would provide the opportunity to deliver significant synergies, creating substantial additional value for both sets of shareholders.
Covalis would provide about £1bn up front on agreement of the deal, the people added. The London-based investor would then raise another £4bn from asset sales, refinancing and the listing, which is expected in two to three years’ time.
At this stage, Suez’s scope of work is limited to [an] advisory mission to ensure the project’s success and address the specific challenges faced by Thames Water.
10am GMT: Eurozone GDP growth third estimate (third quarter; previous: 0.2% quarter-on-quarter; consensus: 0.4%)
1:30pm BST: US non-farm payrolls (November; prev.: 12,000 jobs; cons.: 200,000)
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