QBE Insurance could pursue divestitures rather than full company sale - report
QBE Insurance [ASX: QBE] could divest underperforming units, The Australian’s Dataroom reported.
According to the report, which did not cite sources, QBE’s chief executive, John Neal, is likely focused on reviving the business, rather than pursuing talks with potential buyers. The paper noted that plans to enhance QBE’s profitability and simplify operations could provide opportunities for the company’s defence adviser Goldman Sachs to sell assets.
The item noted that Allianz [FRA: ALV, ETR: ALV] was recently rumoured to be considering an offer for QBE, but QBE has rejected speculation of Allianz interest. The paper said a Chinese buyer could be a more likely suitor for QBE, but Chinese suitors would likely struggle to secure regulatory clearance.