RSA responds to press speculation about Aviva

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In a statement the insurer highlighted potential for in-market consolidation in geographies and lines of business along with estimated cost synergies of £300m a year pre-tax as reasons for the approach.

The company continued that its offer, which represented a price to earnings ratio of around 9.8 times and multiple to net assets of 1.6 times, would be funded by a fully underwritten rights issues.

RSA added that although its proposal had been rejected without any discussions taking place it

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