Danish-Canadian consortium completes £7.2bn takeover of RSA

RSA set to be removed from the London Stock Exchange at the end of trading

RSA’s directors backed the Intact-Tryg bid unanimously last November

RSA’s directors backed the Intact-Tryg bid unanimously last November

 

A Danish and Canadian consortium has completed its £7.2 billion (€8.35bn) takeover of insurer RSA.

The cash deal sees Denmark’s Tryg taking over RSA’s Swedish and Norwegian arms, with fellow buyer Intact, from Canada, taking over its Irish, British and Canadian businesses.

RSA’s directors backed the Intact-Tryg bid unanimously last November, and recommended shareholders to vote in favour of the consortium’s offer.

It said on Tuesday that the move has now been approved in court, with RSA set to be removed from the London Stock Exchange at the end of trading on Tuesday.

“This is an exciting next chapter for RSA, and we are looking forward to being part of Intact, an organisation that puts customers to the forefront of everything they do,” said Kevin Thompson, RSA Ireland chief executive.

“Intact’s impressive track record, expertise and ambition combined with RSA’s offers us a great opportunity to accelerate our plans and deliver for our customers, brokers and our people.”