Shares in UK reinsurance broker Benfield soar on auction hopes
Published September 28th, 2007
Shares in reinsurance broker Benfield Group Ltd (BFD.LN), rose 10% at the open Friday after a report that Goldman Sachs Group Inc. had made an offer for the company sparked hopes of an auction.
The Daily Telegraph said Goldman Sachs had approached Benfield with an offer of about GBP700 million, and although talks had broken down because the investment bank was struggling to raise debt financing in the current market, there were raised hopes other suitors could emerge.
Benfield helps other insurance companies protect themselves against the risk of losses.
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