LIVERPOOL insurance group RSA could raise its £5bn bid for rival Aviva in return for access to its books.
Aviva rejected last month’s initial approach for its general insurance arm, but RSA is believed to be willing to increase its offer if it gets access to more detailed financial information of the businesses it wants to buy.
The company, which employs about 1,200 staff at its Old Hall Street and Mercury Court offices, wants the Aviva institutional shareholders who were open to the deal to put pressure on the board to open talks.
But if this fails RSA could mount a hostile bid, involving the likes of life assurance group Resolution or another European insurer, to launch a coordinated offer and then break up Aviva, with RSA taking general insurance to complement its More Th>n business.
RSA has the support of three banks, BNP Paribas, HSBC and Deutsche Bank, to underwrite a £5bn-plus rights issue to fund a potential acquisition.
