Phoenix ends talks to sell its European business

By Sabela Ojea

Phoenix Group Holdings PLC announced on Tuesday that it had decided to end advanced talks with a third party to sell its European businesses.

The UK savings and retirement business was receiving unsolicited expressions of interest in Phoenix Europe and was in advanced discussions with a third party to potentially move the sale forward.

However, the offer would not have brought shareholder value, said the FTSE 100-listed company, which led to the decision in mid-May to end these talks.

“Phoenix Europe continues to offer the group strategic choices. Phoenix will now undertake a number of management actions to maximize shareholder value while ensuring that we continue to support our customers and colleagues,” it added.

Shares fell 4.40 pence, or 0.6%, to 717.20 pence around 1105 GMT.

Write to Sabela Ojea at [email protected]; @sabelaojeaguix

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