Aviva confirms rejection of RSA's £5bn GI offer
Aviva has confirmed it received a conditional proposal from RSA to acquire its general insurance (GI) businesses in the UK, Ireland and Canada excluding RAC and health for a sum of £5bn funded entirely from a rights issue by RSA.
The insurer's statement said the proposal would have left the pension liabilities of the GI business with Aviva as well as the general insurance businesses in the Netherlands, France, Italy, Poland, Turkey and Singapore.
It added: "The board of Aviva considered the proposal carefully in conjunction with its advisers and is convinced that the highest value to shareholders will be delivered by retaining these businesses within the group.
After receiving the proposal in the form of a letter from
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