INSURER RSA has approached rival Aviva about buying its general insurance operations in the UK and elsewhere for £5bn, Sky News has reported.
Aviva declined to comment, while RSA was not immediately available.
The approach was immediately rejected by the Aviva board, and there are no ongoing discussions between the companies, accoring to the report.
Aviva shares were up 4.5 per cent at 383.6 pence by 8.40am while RSA was down 1.9 per cent at 126.1 pence.
City A.M. Reporter