Giles up against Acromas in bid for Groupama's UK broking arm

Boxing gloves

The newspaper reported that the move has shocked rival bidders and market commentators as Giles is part-owned by Charterhouse, one of three private equity houses which also controls Acromas, the company formed from the merger of AA and Sage Insurance.

A source was quoted as saying: “They are bidding against themselves in effect. Forcing the price up. If I was an investor in a Charterhouse fund I would want to know why."

According to the newspaper, Giles and Acromas have made bids of up to £100m

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