An interesting topic.
We have seen numerous M+A deals from all sorts of industries, why would QBE be exempt from a takeover proposal? because their a predator themselves?
QBE is the 24th largest insurer in the world and their not even close to the top 10. So would another company be willing to fork out $24b+ (40%) premium to the current price? and would shareholders accept? Remember that nearly 80% of the register is owned by the top 20, so they would make or break it. Would the biggest shareholder - Aberdeen Asset Management accept a $550-700m profit on their recent investment?
As for who would knock on the door? well, there is a big american company/insurer that we all know that has very deep pockets and only purchases deep value, well run businesses - Berkshire Hathaway. He's been betting that the local ecomony will turn, why not buy the 10 largest insurer in the US, biggest operator in the Lloyds of London, a company that has operations in 50 countries and now reports in $US.
You get my drift, where there's value, there's interest, no matter the size.
Pep
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