British insurer Aviva could cut up to 2,300 jobs as it takes over smaller rival Direct Line in a 3.7 billion pound ($4.65 billion) cash-and-stock deal, the companies said on Monday, creating the UK's largest home and motor insurer.
The deal, which was first announced earlier this month, will see Direct Line shareholders receive 0.2867 new Aviva shares, 129.7 pence in cash and up to 5 pence in the form of a dividend, Aviva said.
The takeover represents Aviva CEO Amanda Blanc's biggest acquisition to date, as she tries to expand in the company's core markets of Britain, Canada and Ireland after selling a series of overseas assets to simplify the business.
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