Australian giant insurer to be created as rumours rise again
Australian Financial Review has reported that QBE is about to launch a takeover of Insurance Australia Group (IAG) sparking a share price rise, Bloomberg reports.
Shares in IAG, Australia’s largest insurer of cars and houses, climbed 3.6%. QBE shares rose 1.8%.
Both companies refused to comment on the rumour. In May 2008, QBE withdrew an A$8.7bn offer for IAG.
Strategic sense
“A takeover of IAG would make strategic sense,” said Chris Weston, an institutional dealer at IG Markets in Melbourne. “We know QBE has an aggressive policy of growing the business through acquisitions and we have seen an offer before.”
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