Giles up against Acromas in bid for Groupama's UK broking arm
Giles and Acromas have both filed bids to buy part of the UK arm of Groupama, according to the Independent.
The newspaper reported that the move has shocked rival bidders and market commentators as Giles is part-owned by Charterhouse, one of three private equity houses which also controls Acromas, the company formed from the merger of AA and Sage Insurance.
A source was quoted as saying: “They are bidding against themselves in effect. Forcing the price up. If I was an investor in a Charterhouse fund I would want to know why."
According to the newspaper, Giles and Acromas have made bids of up to £100m
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