SAFE Investment Company Had Boosted Ownership in Aviva
In December, UK insurer Aviva PLC finalized a £5.6 billion (US$ 8.8 billion) deal to acquire insurer Friends Life Group Ltd. The deal is creating the largest insurance and asset management company in the UK. Justifying the move, Aviva executives see savings in integrating operations and reducing corporate costs across both firms. Some money managers weren’t too happy with the deal such as Los Angeles-based Capital Group which sliced nearly 70% of its holdings in Aviva.
Not all investors perceived the deal as a potential negative. BlackRock, Aviva’s biggest shareholder, boosted its stake in the insurer from 6.1% to 6.4% according to regulatory filings.
SAFE Investment Company Owns Sizable Stake in Aviva
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