LONDON (AP)– RSA {Insurance|Insurance coverage}, {one of|among} the U.K.’s {oldest|earliest} {insurance companies|insurance provider|insurer}, {agreed|concurred} Wednesday to a takeover by {Canadian and Danish|Danish and canadian} {buyers|purchasers} in {a cash|a money} {deal|offer} that values it at 7.2 billion pounds ($9.4 billion).
18 November 2020
Canada’s Intact Financial Corp. and Denmark’s Tryg {said|stated} their {offer|deal} of 685 {pence|cent} per share represents a 51% premium on RSA’s share {price|cost|rate} on Nov. 4, the day {before|prior to} the {announcement|statement} of a possible {offer|deal}.
Under the {terms of|regards to} the {deal|offer}, Tryg will pay 4.2 billion pounds to {take over|take control of} RSA’s Swedish and Norwegian {businesses|companies|services|organizations}, while Intact will pay 3 billion to {buy|purchase} RSA’s operations in Canada, the U.K., Ireland and other {international|worldwide|global} {locations|places|areas}. The {two|2} {companies|business} will co-own RSA’s Danish {business|company|service|organization}.
The {deal|offer} {needs|requires} to be {approved|authorized} by {shareholders|investors}.
Tryg {said|stated} it was {likely|most likely} to cut {between|in between} 10% and 15% of {staff|personnel} in the combined {businesses|companies|services|organizations} {across|throughout} Norway and Sweden in the {first|very first} {three|3} years following the acquisition. Intact {said|stated} the {deal|offer} will {lead to|result in|cause} some {job|task} cuts in RSA’s {global|worldwide|international} head {office|workplace} functions {but|however} did not {provide|offer|supply} more {detail|information}. It {said|stated} it would {confirm|verify|validate} the {impact|effect} to {affected|impacted} {staff|personnel} within 120 days of the {deal|offer}’s {completion|conclusion}.
RSA {employs|utilizes|uses} around 13,500 {people|individuals} {worldwide|around the world} and has about {nine|9} million {customers|clients|consumers} {across|throughout} more than 100 {countries|nations}.
{Founded|Established} more than 305 years {ago|back|earlier}, RSA {is one of|is among} the world’s longest-standing {general|basic} {insurers|insurance providers|insurance companies}. Its {brands|brand names}, {including|consisting of} More Than, {offer|provide|use} {personal|individual} {insurance|insurance coverage} for {home|house}, {{car|vehicle|automobile|cars and truck}, {pet|animal|family pet} and travel|{car|vehicle|automobile|cars and truck}, travel and {pet|animal|family pet}|{pet|animal|family pet}, {car|vehicle|automobile|cars and truck} and travel|{pet|animal|family pet}, travel and {car|vehicle|automobile|cars and truck}|travel, {car|vehicle|automobile|cars and truck} and {pet|animal|family pet}|travel, {pet|animal|family pet} and {car|vehicle|automobile|cars and truck}}. The {company|business} {also|likewise} has {a commercial|an industrial|a business} {insurance|insurance coverage} arm.
“RSA {has|has actually} {provided|offered|supplied} {peace of mind|assurance|comfort} to {individuals|people} and {protected|safeguarded|secured} {businesses|companies|services|organizations} from {risk|danger|threat} for more than 300 years,” {said|stated} RSA Chairman Martin Scicluna. “I am {confident|positive} that the {values|worths} of our {business|company|service|organization}, and not least our {dedication|commitment|devotion} to serving {customers|clients|consumers} well, will be sustained as part of Intact and Tryg.”
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