Business

Phoenix Group Holdings calls off European business sale

The news follows the recent announcement by the group on 18 May 2021 which was in response to press speculation of the potential sale

Phoenix Group Holdings has announced that discussions regarding the potential sale of its European businesses have been discontinued.

The news follows the recent announcement by the group on 18 May 2021 which was in response to press speculation of the potential sale.

At the time the group stated that discussions were on-going and there could be “no certainty” that any transaction would be agreed, and that the sale would only be considered if it maximised value for shareholders.

The group revealed that it received “unsolicited expressions of interest” for Phoenix Europe and was in advanced discussions with a third party about a potential sale.

However, the board has concluded that the transaction under consideration would not maximise shareholder value and therefore discussions were discontinued.

The company said it would now progress a range of management actions to maximise shareholder value whilst ensuring the continued to support customers and colleagues.

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