Australia insurer IAG rejects A$8.7 bln QBE offer
SYDNEY |
SYDNEY May 20 (Reuters) - Australia Insurance Group (IAG.AX) said it cannot recommend a takeover proposal by fellow Australian insurer QBE Insurance Group Ltd (QBE.AX), saying it was inadequate.
QBE, Australia's top insurer by premium income, is offering A$8.7 billion ($8.2 billion) in cash and shares for IAG. (Reporting by James Regan, Editing by Ian Geoghegan)
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