QBE scotches takeover talk
QBE has scotched media rumours it is a potential takeover target, after the Australian Stock Exchange (ASX) issued an official query following a sudden boost in the group’s share price.
QBE shares lifted as much as 10% during trading on March 20 after a Dow Jones newswire report suggested rivals are eyeing the Australian insurance giant. Shares in QBE lifted $2.74 in two days of trading prior to Easter, to close at $23.
In its reply to the ASX, QBE said it is “not aware of any information that has not been announced that could explain the movement in QBE’s share price”.
QBE has also regularly been touted as a potential buyer of rival IAG. Its share price dipped in the space of a few months after trading comfortably above $30.
QBE shares lifted as much as 10% during trading on March 20 after a Dow Jones newswire report suggested rivals are eyeing the Australian insurance giant. Shares in QBE lifted $2.74 in two days of trading prior to Easter, to close at $23.
In its reply to the ASX, QBE said it is “not aware of any information that has not been announced that could explain the movement in QBE’s share price”.
QBE has also regularly been touted as a potential buyer of rival IAG. Its share price dipped in the space of a few months after trading comfortably above $30.