| LONDON, July 11
LONDON, July 11 British insurer Direct Line
is holding advanced talks with a series of industry
players to sell its operations in Italy and Germany, where the
company has struggled to gain scale, two sources close to the
At least four strategic suitors have submitted non binding
bids and the process is expected to complete by September, one
of the sources said.
Goldman Sachs has been retained to sell the units in
Germany and Italy, the sources said.
Direct Line's combined operations in Germany and Italy could
fetch around $500 million, a second source said.
Direct Line was not available for immediate comment. Goldman
Sachs declined to comment.
(Reporting By Pamela Barbaglia; editing by Freya Berry)