Aug 29 (Reuters) – Germany-based financial services company Allianz is considering a £5 billion ($6.77 billion) takeover swoop for AA, the breakdown recovery group, Sky News reported on Saturday.

AA, founded by a group of motoring enthusiasts in 1905 and known in Britain for its yellow recovery vehicles, was taken public by its previous private equity owners in 2014 at 250 pence a share.

Allianz is one of a small number of parties which have been holding talks with advisers to the AA about a deal, Sky News said, adding that private equity firm EQT was another bidder.

The AA’s private equity owners have been pursuing a so-called dual-track process for most of this year, with the alternative to a sale being a public listing on the London Stock Exchange, Sky News said.

Both companies declined to comment.

The Financial Times reported last year that the British roadside recovery company was eyeing a £5 billion sale and was seeking buyers.

($1 = 0.7390 pounds)

(Reporting by Preetika Parashuraman in Bengaluru; Editing by Aidan Lewis)


Source link

Author

Shin John
Shin JohnYtv Market News
Share-market news writer and analyst with deep experience covering equities, commodities, forex, and cryptocurrencies for readers in the USA, UK, Canada, and Australia. Ytv Market News delivers timely market updates, practical trading insights, and clear explanations of macro and company-level catalysts that move prices. Combines on-the-ground financial reporting with technical analysis, using concise charts and actionable ideas to help investors and traders make smarter decisions.