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Direct Line receives bids to sell units in Germany and Italy - sources

Reuters - UK Focus

By Anjuli Davies and Pamela Barbaglia

LONDON, July 11 (Reuters) - British insurer Direct Line is holding advanced talks with a series of industry players to sell its operations in Italy and Germany, where the company has struggled to gain scale, two sources close to the deal said.

At least four strategic suitors have submitted non binding bids and the process is expected to complete by September, one of the sources said.

Goldman Sachs (NYSE: GS-PB - news) has been retained to sell the units in Germany and Italy, the sources said.

Direct Line's combined operations in Germany and Italy could fetch around $500 million, a second source said.

Direct Line was not available for immediate comment. Goldman Sachs declined to comment.

(Reporting By Pamela Barbaglia; editing by Freya Berry)