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Sampo and RMI in talks to buy British insurer Hastings

Sampo
·1-min read

By Sampo

LONDON (Reuters) - Finnish insurer Sampo <SAMPO.HE> and South Africa's Rand Merchant Investment (RMI) <RMIJ.J> are in talks to buy British motor insurer Hastings <HSTG.L>, the two insurers said on Wednesday, sending Hastings' shares up 15%.

Sampo wants to expand into non-life insurance and beyond Nordic markets, it said in a statement, explaining its interest in Hastings.

RMI Group has owned 30% of Hastings since 2017, Sampo said.

The two firms are considering a cash offer for Hastings, which has a market capitalisation of 1.1 billion pounds.

Hastings said it had set up an independent committee of its board, excluding RMI representative Herman Bosman, to consider the offer.

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KBW analysts said the deal would make sense given Sampo's interest in companies with strong technology.

Sampo and RMI have until Aug 26 to announce a firm intention of an offer or walk away.

Bloomberg reported news of a possible offer by Sampo earlier on Wednesday.

(Reporting by Carolyn Cohn, Editing by Kirsten Donovan)