European Commission Clears CGU Norwich Union Merger

The pending merger of U.K. Insurers CGU and Norwich Union was approved by the European Commission, and will accordingly proceed on schedule. The two companies hope to finalize all details for the creation of CGNU, by the middle of 2001.

Shareholders of both companies approved the merger plan by large majorities at the end of March. The commission saw no threat to competition in the plan, and noted that a number of strong companies were in the U.K. and Irish markets.

CGNU will be the U.K.’s largest p/c insurer and second largest life insurer after Prudential. It will be the 4th and 5th largest respectively in Europe.

Topics Mergers & Acquisitions Europe