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.
The combined company will shed between 5-7% of its total workforce as it eliminates overlapping roles, putting up to 2,300 jobs at risk, with the cuts spread over three years, the companies said.
This story is from the December 24, 2024 edition of Financial Express Lucknow.
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This story is from the December 24, 2024 edition of Financial Express Lucknow.
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