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Direct Line confirms float plans

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Direct Line Group (DLG) has announced it will seek a flotation on the London Stock Exchange.

The deal will see parent company Royal Bank of Scotland Group sell 25% or more of DLG but no new shares will be issued.

It had been rumoured that the provider would announce its plans yesterday having previously ended talks with private equity investors.

Further details are yet to be revealed in the prospectus for the flotation.

But in a statement the company said that the offer would be "made available to institutional investors in qualifying geographies ... and to intermediaries in the United

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