Brit could go within weeks

Dane Douetil, Brit Insurance’s chief executive, said an takeover by Apollo could be "within weeks, not months" but cautioned that there was no certainty of an agreement, the Telegraph reports.

"Apollo's offer is a good basis on which we can start discussions," Douetil said. "We always said that we were open to talk if the price was right. Apollo have since come back with a higher offer, which we would not be willing to go below."

The Times suggested Brit’s response to Apollo could flush out rival bidders.