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Australia insurer IAG rejects QBE offer

The Sydney headquarters of Australia's QBE Insurance, March 6, 2003 REUTERS/James Morgan

The Sydney headquarters of Australia's QBE Insurance, March 6, 2003

Credit: Reuters/James Morgan

SYDNEY | Tue May 20, 2008 6:36am EDT

SYDNEY (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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