TR: Warren Buffett Isn’t Planning to Acquire Zurich Insurance - Source
Warren Buffett Isn’t Planning to Acquire Zurich Insurance - Source
Warren Buffett Isn’t Planning to Acquire Zurich Insurance - Source
Rumors that Warren Buffett’s Berkshire Hathaway (NYSE: BRK-A) will acquire Zurich Insurance aren’t true, according to a person claiming to have knowledge of the matter. In fact, no deal is in the works for a takeover of Zurich Insurance, which has an enterprise value of $55 billion.
Speculation about a takeover of Zurich Insurance first surfaced on Financial Times ‘Stocks to Watch’, and the rumor was later discussed in Financial Time’s Alphaville.
“Zurich Insurance extended gains having been pushed sharply late on Monday by talk that a significant deal was in the works, with traders speculating about potential suitors,†reported FT Stocks to Watch.
FT Alphaville added, “What we can say is that, if there's a bid involved here, it'd be huge .... As in, second or third biggest M&A transaction ever. …if there's a bid involved here, the number of interested parties is pretty limited. Allianz? Or something Buffett related? Or something Chinese? Dunno. Anyway, all we can say right now is that a lot of savvy people are taking an unusual interest in Zurich Insurance.â€
Interestingly, Zurich UK announced today an agreement to acquire Oak Underwriting plc from RSA Insurance. As part of the transaction around 80 employees are expected to transfer to Zurich.
The news is notable, but very far from the second biggest M&A transaction ever.
Zurich Insurance said it does not comment on speculation in response to an inquiry.