UK - RBS rejects £5bn bid from BC and Apollo

RBS is thought to have considered the bid, which also included former Norwich Union chief Patrick Snowball, as not high enough. There were also concerns surrounding the structure of the deal, which would have have left RBS with a large minority stake, as well as whether the bidders would have been able to get financing for the transaction.

RBS originally put the unit, which includes Direct Line, Churchill, Privilege and Green Flag, up for sale 10 months ago and was looking for a price of £7bn. In October CVC Capital and Swiss Re teamed up to bid for a 51% stake in a deal which would have valued the whole business at £6bn, but this deal was also rejected.

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