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Canadian pension funds provisionally agree to join £7.2bn RSA bid
StockMarketWire.com
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Canadian insurance company Intact Financial Corporation has secured the backing of three major institutional investors for its proposed bid for RSA Insurance Group.
Intact said Canadian pension funds Caisse de depot et placement du Quebec, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan had all provisionally agreed to contribute C$3.2 billion to the bid, should Intact submit a firm proposal.
RSA announced on 5 November that Intact and Nordic insurer Tryg had approached the UK-listed company regarding a potential £7.2 billion takeover bid.
Between them, the three Canadian pension funds manage more than C$970 billion in assets.
At 2:11pm: (LON:RSA) Rsa Insurance Group PLC share price was -9.4p at 652.6p
Story provided by StockMarketWire.com
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