RSA gets takeover proposal from INTACT and TRYG
RSA Insurance Group Plc (LON: RSA) has received a proposal from a consortium of two insurers, Intact Financial Corporation and Tryg A/S regarding a possible offer for the Company.
One of the oldest FTSE 100 constituents has received the offer comprising of 685 pence in cash per share, plus payment of an interim dividend of 8 pence per share announced earlier by it. The basis of the deal is that while the consortium will own RSA’s Denmark business, Intact will individually own the UK, Canada, and International operation.
And Tryg will own the Sweden and Norway operations of RSA if the deal is successful. RSA has posted an improvement in the operating profit for the first nine months with all three regions performing on or ahead of the company’s plans.
Arix Bioscience portfolio company to be acquired by Merck
Arix Bioscience Plc’s (LON: ARIX) portfolio company VelosBio Inc will be acquired by Merck for $2.75 billion in cash.
As per a definitive agreement entered by VelosBio Inc, Merck through its subsidiary will be acquiring all outstanding shares of the company.
Arix at estimated net proceeds of £142 million, is likely to receive a return of almost 12 times on its £12 million investment made in VelosBio Inc. VelosBio is a privately held, clinical-stage US biopharmaceutical company, developing a preclinical pipeline of next-generation antibody-drug conjugate and bispecific antibodies.
Bentley to go fully electric by 2030
In one of the most ambitious transition by any UK car manufacturers towards electric vehicles, Bentley has announced to stop making petrol cars by 2030.
The luxury carmaker under the VW Group vows to produce only plug-in hybrid and all-electric cars starting 2026,
The company’s plan known as “Beyond 100” is already underway and it is planning to put its entire lineup all-electric by 2030. Bentley’s transition is a part of its parent Volkswagen’s plan to be a leading producer and seller of electric, connected cars and is likely to make it financially resilient and recession-proof.