UBS says Aviva will need more than £8bn to sell, so deal off

A UBS analyst reports says RSA must offer more than £8bn to buy Aviva’s general insurance business so the deal will not happen, City Am reports.

Merrill Lynch put the price at £5.8bn. UBS said: “Aviva is [dependent] on its general insurance business for cashflow and profits… the deal is unlikely to happen.”

The Times continued to highlight concerns over RSA’s bid calculations.