RSA to acquire outstanding shares in Codan

Royal & SunAlliance Insurance Group P.L.C. through its wholly owned subsidiary RSA Overseas Holdings B.V. has announced a cash tender offer for all of the outstanding shares in Danish insurer Codan A/S.

The tender is open to all Codan shareholders outside Canada, Australia and Japan, and has unanimously recommended it. It will be funded through a combination of about £300 million(€443.2 million) of equity and existing resources.

In a statement, RSA said "the transaction will simplify the Group structure and capital position."