Aviva confirms RAC deal at £1.1bn
Aviva has confirmed plans to buy roadside assistance company RAC for £1.1bn in cash and stock as predicted by Post Magazine yesterday. The deal will give it access to 7 million motorists. Up to 1700 jobs could be lost under plans to relocated 800 administrative employeees outsie the UK and through putting together support functions.
The offer by Aviva is 27% more thank RAC's closing price on 7 March. The company wants to expand its motor business in the UK and expects to make savings of £8m a year in 2006 with the RAC acquisitionOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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