Lloyd's of London insurer Amlin share price rockets 33 per cent as Mitsui Sumitomo swoops for £3.5bn

Emma Haslett
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The Lloyd's of London insurer said two weeks ago it was not for sale (Source: Getty)

Following July's takeover of the Financial Times by Nikkei, another Japanese giant has swooped on a British company, after the board of Lloyd's of London insurer Amlin recommended an £3.5bn offer by Mitsui Sumitomo.

In a statement today, Amlin said Mitsui had offered 670p in per share, a 36 per cent premium to Amlin's closing price last night.

Rather awkwardly, two weeks ago Amlin boss Charles Philipps told journalists the company was "not for sale" and was "not running a sales process".

"I am running a company that has big ambitions and what we are trying to do is deliver our strategy - full stop," he said.

8 September 2015 @ 10:45amAmlin (AML)

Nevertheless, today Philipps changed his tune, saying the combination was "extremely compelling".

"We have always had a very high regard for MSI, our strategies and corporate values are closely aligned, and this transaction will now provide Amlin with the increased scale and financial muscle that will be required for long term success in our industry.

"It delivers excellent value for shareholders, improved career prospects for our employees, and enhanced continuity and security for our clients."

Shareholders seemed to agree: shares in Amlin rocketed 33 per cent to 652p in mid-morning trading.

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