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Buffett pulls out of RBS insurance sale: report

LONDON
Fri May 16, 2008 2:05am EDT
Billionaire financier and Berkshire Hathaway CEO Warren Buffett plays bridge with cards with his picture on during the shareholders annual meeting in Omaha, Nebraska, May 4, 2008. REUTERS/Carlos Barria

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LONDON (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) has pulled out of the bidding in Royal Bank of Scotland's (RBS.L) 7 billion pound ($13.62 billion) auction of its UK insurance business, the Financial Times reported on Friday.

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Berkshire told the FT it had looked at the business, which includes the insurers Direct Line and Churchill, but had decided not to bid, without giving a reason.

RBS was not immediately available to comment.

(Reporting by Erica Billingham; Editing by Quentin Bryar)
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