(Bloomberg) — RSA Insurance Group Plc surged by the most in six years after Switzerland's Zurich Insurance Group said it was considering making an offer, stirring speculation the British company could attract another suitor.
RSA may fetch about 563 pence a share, or about 5.7 billion pounds ($8.8 billion), according to Panmure Gordon & Co. analysts. The stock jumped as much as 15% to 504.5 pence in London on Tuesday. Allianz SE, Europe's biggest insurer, and France's Axa SA may also bid for RSA, whose shares have trailed peers in the past year, analysts said.
“RSA is now effectively in play,” said Barrie Cornes, an analyst at Panmure with a hold rating on the insurer. “Others will now place the slide rule over the company that has for many many years been a perennial takeover story.”
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