Chubb CEO Closes the Book on a Potential Hartford Acquisition
(Bloomberg) -- Chubb Ltd. said it’s no longer interested in pursuing a takeover of Hartford Financial Services Group Inc.
“The chapter with the Hartford is closed,” Chubb Chief Executive Officer Evan Greenberg said Wednesday on a conference call. “We have moved along.”
Shares of Hartford fell as much as 5.2%, the biggest intraday drop in more than six months, after Greenberg’s comments. They slid 4.7% to $66.22 at 10:14 a.m. in New York.
Hartford rejected three acquisition offers from Chubb, with the largest a proposal to pay $70 a share, or about $25 billion. Hartford said earlier this month that its board unanimously rejected that bid.
Hartford has long been considered a takeover candidate for the world’s biggest insurers, including Chubb, Allianz SE and Zurich Insurance Group AG. After Chubb approached Hartford about a deal, Allianz was said to have mulled a counteroffer.
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