Germany-based financial services company Allianz is considering a £5 billion ($6.77 billion) takeover swoop for AA, the breakdown recovery group, Sky News reported on Saturday.AA, founded by a group of motoring enthusiasts in 1905 and known in Britain for its yellow recovery vehicles, was taken public by its previous private equity owners in 2014 at 250 pence a share.Allianz is one of a small number of parties which have been holding talks with advisers to the AA about a deal, Sky News said, adding that private equity firm EQT was another bidder.The AA's private equity owners have been pursuing a so-called dual-track process for most of this year, with the alternative to a sale being a public listing on the London Stock Exchange, Sky News said.Both companies declined to comment.The Financial Times reported last year that the British roadside recovery company was eyeing a £5 billion sale and was seeking buyers.($1 = 0.7390 pounds)
German insurer Allianz weighs $6.77 bn takeover of AA roadside rescue giant: Report
Germany's Allianz is reportedly considering a significant takeover bid for the British breakdown recovery group AA. This potential deal is valued at approximately five billion pounds, according to recent reports. Allianz is one of several parties in discussions with AA's advisors about a possible acquisition. Private equity firm EQT is also mentioned as another interested bidder in the process.
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