Generali, the Italian insurer, has dropped out of the £7bn race for Royal Bank of Scotland’s insurance assets on the eve of the deadline for indicative bids – cutting the field of bidders still further. The move comes hard on the heels of a decision by billionair investor Warren Buffett not to participate in the auction. RBS had previously excluded bids from private equity firms. Indicative proposals are due Wednesday for RBS Insurance, which includes Direct Line and Churchill. Generali was one of a select group of eight trade bidders that received the sales memorandum this month and it was expected to submit a proposal.

This entry was posted by Gwen Robinson on Wednesday, May 28th, 2008 at 5:39 and is filed under Capital markets, M&A. Tagged with generali, rbs. Edit this entry.