Aviva to buy Direct Line in £3.7bn deal, putting 2,300 jobs at risk
by Jasper Jolly from on (#6T3VX)
Insurance takeover is likely to cast a pall of uncertainty over Christmas for many staff of combined group
Aviva has agreed to buy rival insurer Direct Line for 3.7bn, with up to 2,300 job cuts planned as the companies aim for 125m in cost savings.
FTSE 100 member Aviva, the UK's largest insurer, said on Monday it will offer the equivalent of 2.75 for each Direct Line share in cash and shares.
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