RBS finds buyers for first 33% stake in Direct Line

Reuters has reported that buyers have been found three days into a nine-day marketing drive.

A price range of 160-195 pence per share was set last week.

Direct Line would be worth £2.66bn at the mid-point of this price range, and worth £2.5bn and £3.5bn at the lower and higher ends respectively.

Order books, which opened on September 28, are due to close on October 10.

A source close to the transaction said: “The book is now fully covered within the range, and to get that done three days in is