Royal London is engaged in talks with LV= which could see the two companies merge to become a UK insurance heavyweight.
Royal London today admitted that it is in “exploratory discussions” with LV= over a possible takeover. The confirmation follows a statement made in December 2021 in which Royal London outlined its belief that a merger would offer an attractive future for LV= customers.
“We note LV=’s announcement and we can confirm we have had initial, exploratory discussions with them,” Royal London said in today’s statement. “There is no certainty that these discussions will result in a transaction and a further announcement will be made as and when appropriate.”
Royal London was given an opportunity to make a play for LV= after its shareholders voted down a £530m takeover bid from US private equity giant, Bain capital.
The 178-year-old mutual insurer previously declined an offer by Royal London, arguing that a deal with Bain Capital offered greater assurances to protect the jobs of over 1,000 employees in the South West, even though Royal London offered £10m more than Bain.
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