International insurer QBE has moved quickly to shoot down speculation linking it with a $20 billion takeover.

Insurance Business reported yesterday that Australia’s largest insurer was a potential acquisition target for German insurance giant Allianz (see article), as well as bankers and offshore acquirers.

However, in a statement to the ASX, the firm denied the rumours.

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“While it is QBE’s policy not to comment on rumour or media speculation, QBE confirms that it is not in discussions with Allianz or any potential buyer,” the statement said.

As one of the largest insurance firms in the world, Allianz could be set to join forces with Intesa and AXA in a joint bid to acquire Generali.

Reports in Germany’s Handelsblatt newspaper outline that Allianz chief executive Oliver Bate and QBE Group CEO John Neal met before Christmas with the German insurer valuing the business at $15 a share.


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