£300m of job cuts. AXA or Allianz could buy RSA
Takeover target chief execs Aviva’s Andrew Moss and Brit’s Dane Douetil are seen in the City as “men who seem more enamoured with the grandeur of their roles than they are talented at performing them”, the FT reports.
It questions whether RSA’s bid for Aviva” general insurance businesses is RSA chief exec Andy Haste’s “own shot at grandeur”.
The FT’s Lex column says: “The British insurance sector’s locker room is awash with testosterone.” And it suggested a better way to combine the pair’s GI businesses: “Aviva could buy RSA, and let the latter’s CEO run the general insurer.”
Fund manager worries
The Times reports that leading fund managers said that they were worried about RSA overstretching itself. RSA boss Andy Haste risks damaging his reputation for deal-making by paying too much for the Aviva deal.
The Times also reports that RSA could also be making itself vulnerable to a bid from AXA or Allianz.
Job cuts
The Guardian says post takeover RSA would save £300m by cutting jobs.
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