AA downplays flotation talks

"We can confirm that we have received a number of unsolicited proposals since the successful securitisation of AA, including one from Cenkos," Acromas said in a statement. Several media reports mentioned that boutique investment bank Cenkos had lined up institutional investors with a view to take the company public.

"While we take all such proposals seriously, no decision to sell the AA has been taken," Acromas added.

CVC and Permira merged car breakdown recovery service AA with over-50s financial and travel service provider Saga in June 2007. Saga was acquired by Charterhouse in 2004 in a deal worth £1.35bn. CVC and Permira also purchased AA in 2004, in a deal worth £1.75bn.

Acromas refinanced around €3bn of the company's debt last year, in a move that many saw as paving the way for a break-up, as splitting AA and Saga would enable Acromas's shareholders to realise their investment more easily.

Saga was tipped as the likeliest candidate for a listing though, with a £3bn flotation still on the cards for 2014.

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• Topics
• UK / Ireland
• Exits
• Consumer
• United Kingdom
• IPO
• CVC Capital Partners
• Charterhouse Capital Partners
• Permira