It has today been revealed that the British long-term savings and retirement giant Phoenix Group is no longer in talks to sell its European businesses. Reuters has reported that the company concluded that the transaction would not maximise shareholder value.

The news follows Phoenix’s confirmation last month that it was in talks to sell the unit following an unsolicited offer. Sky News speculated a potential sale for around £550 million to European Life Group Holding.

The group today said that its Phoenix Europe unit continues to offer the company “strategic optionality”. Phoenix Group has overseas operations, mainly in Germany and Ireland, which came under its umbrella follows the acquisition of Standard Life Aberdeen’s insurance division in 2018.

Reuters reported that shares in the company fell 0.6% by 11:13 GMT.