(Bloomberg) -- RSA Insurance Group Plc rose in London trading after Switzerland’s Zurich Insurance Group AG proposed to buy the company for about 5.6 billion pounds ($8.8 billion).
The shares increased 5.1 percent to 520 pence at 9:11 a.m., short of Zurich’s conditional offer of 550 pence a share. RSA will relay the bid to shareholders provided satisfactory terms are met, including due diligence, it said in a statement from London on Tuesday. U.K. regulators have given Zurich until Sept. 22 to make a firm offer.
The decision ends a month of speculation about whether Zurich Insurance Chief Executive Officer Martin Senn would bid for the company and comes on the day of a deadline to submit an offer. The possible takeover, which would be the biggest in Europe this year, has spurred speculation that buyouts in the European insurance industry, which have lagged behind those in the U.S., are about to gain momentum.
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