Insurer Phoenix no longer in talks to sell European businesses By Reuters

(Reuters) – British insurer Phoenix Group said on Tuesday it was no longer in talks to sell its European businesses, concluding that the transaction would not maximise shareholder value.

Phoenix in mid-May confirmed it was in talks to sell the unit following an unsolicited offer, after Sky News reported a potential sale for around 550 million pounds ($774.68 million) to European Life Group Holding.

Phoenix Europe unit continues to offer the company “strategic optionality”, it said.

Phoenix Group has overseas operations primarily in Germany and Ireland, which came under its purview following the acquisition of Standard Life (LON:SLA) Aberdeen’s insurance division in 2018.

Shares in the company fell 0.6% by 1113 GMT.

($1 = 0.7100 pounds)