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According to a report by the Financial Times, Italian insurer Assicurazioni Generali SpA has withdrawn from the bidding for Royal Bank of Scotland Group Plc's insurance assets.
Published on May 28, 2008
Generali has pulled out because of what it believes are RBS's high price expectations according to the publication who spoke with people familiar with the situation. Generali declined to comment, the newspaper said.
Zurich Financial Services AG is still expected to bid for the assets, the FT said. There is uncertainty as to whether Allianz SE, the German insurer, will put in an offer, according to the newspaper.
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