Goldman Sachs has changed its role to support Aviva Plc in its £3.3 billion takeover bid for Direct Line Insurance Group Plc, after previously assisting Direct Line in defending against a previous acquisition attempt.
The investment bank's team, led by Anthony Gutman, Nimesh Khiroya, and Bertie Whitehead, is collaborating with Citigroup Inc. on this latest bid.
Direct Line, a major player in the UK motor insurance market, has rejected Aviva's offer as "highly opportunistic" and has chosen not to engage in further discussions regarding the proposal. This development highlights the competitive landscape and strategic maneuvers among major financial institutions in the insurance sector.