(Bloomberg) -- Zurich Insurance Group AG has arranged 5.5 billion pounds ($8.4 billion) in financing for the takeover of smaller rival RSA Insurance Group Plc, according to people with knowledge of the plan, signaling the Swiss insurer is getting closer to proceeding with a formal offer.
Zurich has arranged the loans through Morgan Stanley, Citigroup Inc., HSBC Holdings Plc, Deutsche Bank AG, UBS Group AG and Lloyds Banking Group Plc, the people said, asking not to be identified as the information is private. The company is still doing a due diligence process before making a formal offer for RSA, they said. The financing is a bridge facility, meaning Zurich would need to repay it probably by selling securities if the bid goes ahead, according to the people.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access