QBE Insurance Group Ltd. may be considering a takeover offer for Insurance Australia Group Ltd., the Australian Financial Review said in its Street talk column, without citing anyone.
The impetus for QBE to make a bid for IAG may come from the strength of the Australian currency, the newspaper said. About 70 percent of QBE’s earnings are generated in U.S. dollars and it may make sense to rebalance its assets with the acquisition of IAG, the report said.
QBE made several offers to IAG in April last year, including a proposal involving 0.142 QBE shares plus 70 Australian cents in cash, the newspaper reported.
