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Spain's Mapfre to finance Direct Line purchase with own cash

Reuters - UK Focus

MADRID, Sept 25 (Reuters) - Spanish insurer Mapfre said on Thursday it would finance the purchase of the Italian and German businesses of Direct Line with its own cash and did not rule out other European purchases.

Mapfre (Other OTC: MPFRF - news) said on Thursday it had paid 550 million euros (699.49 million US dollar) for the two units in a deal it said would immediately boost earnings. (1 US dollar = 0.7863 euro) (Reporting by Paul Day; Editing by Sonya Dowsett)